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Are your Estate and Business Succession Plans in Place?

With uncertainty remaining around the future of the COVID-19 pandemic, be certain about your estate and succession planning.

Too often, individual estate planning and business succession planning get put in the ‘too hard’ basket until it is simply too late.

The COVID-19 pandemic has caused enormous uncertainty in our public and business communities, and that ‘too hard’ basket is quickly becoming more important than ever. Review your estate and succession planning today, tick that box off, remove that stress from the back of your mind and feel secure that you have taken the right steps.

If you are an individual, you might like to consider:

  • Is my Will up to date? Am I sure it still fully covers my wishes?

  • Have I appointed anyone to act for me (e.g. to do my banking or make sure my bills are paid) if I am unable to do so myself?

  • Have I recorded my healthcare wishes in case I am not able to make those decisions myself?

  • Have I appointed someone as guardian to look after my minor children in the event of my passing?

  • Have I made any death benefit nominations for my superannuation accounts (remember, superannuation is not covered by your Will)? Are they still current?

If you are a business owner, you might also like to consider:

  • Do I have a succession plan in place? Have I ensured business continuity can be maintained if anything happens to me?

  • Have I appointed anyone to act on behalf of my business if I am unable to do so myself?

  • Do I know whether my business assets are legally distinct from my individual assets, and have I ensured they will be protected in case anything goes wrong?

  • Do I have all of the above fully documented and appropriately executed?

Whether you are worried about making sure your Will is up to date or your business has an effective succession plan in place you  should seek advice tailored for your needs.

Stu Varidel and Your Choice Financial Planning Pty Ltd trading as Heart Financial Advisers are authorised representatives of Sentry Financial Services Pty Ltd AFSL 286786.

The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any information without considering your personal needs, circumstances and objectives. We recommend you obtain professional financial advice specific to your circumstances. The views expressed here are not ours. While the information contained in this article may contain or be based on information obtained from sources believed to be reliable, it may not have been independently verified. Where information contained in this publication contains material provided directly by third parties it is given in good faith and has been derived from sources believed to be accurate at its issue date. To the maximum extent permitted by law: no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up to date or fit for any purpose; and no party or associated entities as mentioned is in any way liable to you (including for negligence) in respect of any reliance upon such information. This article may also contain links to websites operated by third parties who are not related to us. These links are provided for convenience only and do not represent any endorsement or approval by us.

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