Christmas is a good time of the year to reflect upon family succession and estate planning. A family discussion about proposed succession of the family business can often help to clarify intentions and assist in reaching consensus about expectations and plans moving forward in the event of death or disablement – or just plain retirement!
A good succession plan for a business can ensure that on the death or disablement of a business principal the business does not have to die too. Sadly without some considered planning that is often the result.
Why not make a New Years resolution to:-
-Consider your business succession plan (think shareholder’s or partnership agreement or a buy/ sell agreement)
-Revisit your life insurance policies
-Review or implement asset protection structures such as a family trust
-Update your will, power of attorney and advanced care directives
-Ensure that your superannuation death benefit nominations are up to date.
While you are at it why not make an inventory of all of your digital assets including passwords, subscriptions etc (you will be surprised how many you have).
Not sure where to start? Call Donlan Lawyers 8344 6422
We wish you a Merry Christmas and a Happy New Year!