Nobody likes to think about it too much, but inevitably one day you will have to leave your business or farm. This may be due to retirement, a sale or for health reasons.
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. Careful estate planning can ensure that your assets are dealt with in accordance with your wishes when you leave.
Estate planning goes beyond drafting a will – it includes:
- Detailed wills
- Corresponding family trusts to operate before and after death
- Confidential ‘expression of wishes’ to guide Executors in Estate Administration
- Restructuring companies to enable staged family buy out but with premature loss of control
- Structuring life interest to protect spouses and step-children in blended family situations
- Advice about the need for life insurance
- The availability and use of transition to retirement pensions for over 55s
A successful plan is made involving all family members as it will take into account not only provisions for your retirement income but also the plans, aptitudes and existing assets of younger generations.