Estate and Succession Planning
Estate and Succession Planning is a way to ensure that a person’s estate is passed onto their beneficiaries in the most efficient and tax effective way. It aims to:
- minimise the risk of family disputes regarding the distribution of property after death;
- ensure any next of kin does not suffer financially; and
- efficiently and effectively distribute your assets in the way you would like.
Every person over the age of 18 has the right to transfer the ownership of their property to whoever they wish upon their death, but there are some limitations that apply which relate to the rights of those who have been left behind who had some dependence on the deceased.
There are also matters you need to take into consideration, such as the effect of your Will in the event that you have a blended family, or as your circumstances may change in the future, for example, divorce or separation.
It is a complex multi-disciplinary area of legal practice that requires an appreciation of the laws of succession, corporations, trusts, family and tax law.
In these modern times, substantial wealth may be held through trusts or superannuation. Accordingly, determining the existence of the wealth and the formal legal owners is essential to design an effective estate plan.