Traditionally, we do not like to think about death; it can be a sad and complex time. However Halliday Solicitors are your partners in transition. We work with you and your family to assist with the planning for death, and how to manage your affairs after death. We talk with you about what will be done with your business or farm. It is very important to have a succession plan in place that makes the transition easy not only for yourself but also for your family or employees. A succession plan minimises the chances of the business or farm having to be sold up when you leave.
Succession planning goes beyond drafting a will.
A succession plan includes:
- The assessment of your assets
- The assessment of likely taxation
- Advice regarding the possibility of claims against your estate
- The protection of assets.
Estate planning is an active process of re-evaluating the estate when circumstances in life change, such as:
- Entering into a domestic relationship, marrying or divorcing
- A change to the family’s asset pool
- A change in working conditions such as the buying or selling of a business
- Changes to superannuation, insurance policies or taxation levels
- The establishment of discretionary trusts
A good succession plan involves all family members and takes into account provisions for your retirement income and also the plans, aptitudes and existing assets of younger generations.
Contact us to find out more or to arrange an appointment to discuss your estate.