Succession & Estate Planning is very important if you wish to maintain some sort of control over asset dispersion at retirement or in the event of your death.
Holding assets in trusts, if they are structured properly, can ensure they are maintained at arm's length and protected from claims by others, including insurance claims and certain court settlements. They are also useful for miniising land tax and for sequestering property assets into protective structures.
Binding nominations are, as the name suggests, a wriiten direction to the Trustee of a fund that sets out the dependants and/or legal personal representative that you want to receive your benefit in the event of your death.
Insurance policies, including life insurance benefits, can be structured to pay out certain sums to nominated individuals as beneficiaries of trusts. They are also used to reduce the potential for contestability of bequest of estates, in the event of your death. They give the nominating individual more direct control over the distribution of certain benefits.
Wills & Testamentary Structures
If you pass away without a will then the Laws of Succession are applied to the distribution of your estate. This may not be an optimal outcome. Equally, use of testamentary trusts ensures assets are distributed correctly and held in trust for beneficiaries and future generations, as per your wishes.
Notarised written agreements, especially for the ongoing management of business affairs, will give you peace of mind that the legacy you leave or entrust to others will be properly maintained. Your wishes for the future management of the business and the disposition of its assets may be entrusted to certain individuals or to a trustee.
POAs and Advance Health Directives
If you want to have some say in your treatment towards the end then it is essential to put in place measures to ensure your wishes are enacted. You must do this while you are still competent to execute legal documents. Conferring powers of attormey upon your spouse or partner or a trusted adviser; and ensuring you have prepared Advance Health Directives are both very sensible actions.
Lifestyle Investment & Planning Solutions maintains an extensive network of professionals to assist with those matters associated with financial advice and Succession & Estate Planning.