The death of a family member is always a traumatic experience, and the thought of leaving our loved ones with unorganised assets and legal structures makes the situation upsetting. And yet, many people fail to put a plan in place for if the worst should happen. This leaves those closest to you with no clear idea of your intentions, and the value of your estate being eroded through costly litigation between competing interests.
An estate plan is essentially a detailed breakdown of how you’d like your assets and investments dealt with, in the event of death. When someone dies without a valid will (referred to as ‘dying intestate’), their assets are distributed according to the inheritance laws of whichever Australian State or Territory the person resides in. For peace of mind that your affairs are in order in the event of your death, you need to consider the following aspects of your estate plan:
Having an estate plan ensures that the wealth you have built is distributed to your beneficiaries smoothly, tax-effectively and most importantly, according to your wishes. It is important that you ask yourself the following questions:
Succession planning is the process of identifying and developing new leaders who are well-equipped to replace a company’s present leaders when they retire, or in the unfortunate event that they are no longer capable of operating a business due to death or incapacity. As important as this process is, it i often overlooked by many business owners. As the leader of a company, it is important that you ask yourself the following questions:
Wilson Pateras’ knowledgeable Melbourne estate planning accountants are highly experienced in this field, and we can help you navigate the process for peace of mind that your business will be handled in the way you see fit, should the worst happen. Contact us today to arrange a complimentary estate planning consultation with no obligation.
At Wilson Pateras, our award-winning team of accountants, bookkeepers and financial advisors work together seamlessly to achieve the most favourable outcomes possible for our clients.
From estate planning and small business bookkeeping to loan advice, business accounting and personal retirement planning – we pride ourselves on serving as a comprehensive one-stop solution for all your financial planning needs.
Our professional estate planning accounts are available for complimentary no-obligation consultations in Melbourne. To discuss how we can help with your estate planning, please do not hesitate to contact us.
Level 1, 678 Victoria Street
Phone: (03) 8419 9800
Fax: (03) 8419 9888