Succession Planning is the term used for getting your affairs in order. It is about protecting your family and loved ones in the event that something happens to you, by ensuring that they are financially secure.
Succession Planning covers a wide range of matters, including your Will and how you wish to distribute your assets, debt planning, your superannuation and how you would like to look after any vulnerable family members, such as young children or those suffering from a disability.
The first place to start with Succession Planning is to have a valid, up to date Will, that sets out your wishes and intentions for your family and loved ones. An Expert Wills and Estates Lawyer will look past the basic matters included in a Will and cover all eventualities.
This includes considering whether any person not included in your Will, could make a claim on your Estate. These types of claims are commonly referred to as a family provision claims. Family provision claims can now be made by a large group of people such as ex spouses, de facto partners as well as people who have been dependent on you in the past.
Drafting your Will also includes looking at your assets and debts and determining how to deal with these, in the event of your death. It may involve setting up a Testamentary Trust in your Will, to protect young children or family members suffering a disability, thereby ensuring that they will be well looked after once you are gone.
As well as having an up to date and valid Will, you need to consider your superannuation and any life insurance policies and how these have been set up, as it will determine who receives the benefit of these, once you are gone.
It is important to remember that your superannuation is governed by a Trustee, who may have a discretion to pay the proceeds of your superannuation, to the person they determine is most appropriate. It is possible to overcome this discretion of the Trustee of your superannuation fund, by making a binding nomination on them which directs them to pay your superannuation to the person you choose!
As you can see Succession Planning covers a wide range of things that you need to consider for the benefit of your family and loved ones. An Expert Wills and Estates Lawyer understands all the factors, and there are many, that need to be taken into account when planning for your family’s future after you are gone.
Make an appointment to speak to one of our specialist Sydney Probate Lawyers. Specialising in Probate, we pride ourselves on our open and honest communication with clients and have been looking after our Sydney clients for over 20 years.
Seek expert legal advice on Succession Planning today – call on 9221 2779