Although it is unpleasant to consider, it is important to think about the fact that one day you will have to leave your business or farm for any number of reasons. Engaging with estate planning early on will prove to be beneficial for you, your estate, and those involved with your estate. Part of estate planning is having a clear succession plan, which will determine what happens to your business or property in the event of selling, closing, or transferring ownership of your business. As such, the importance of a strong succession plan is to ensure an easy transition process for yourself, your loved ones, and any employees.
Due to the comprehensive nature of estate planning, it extends significantly beyond having a Will, to including the assessment of assets and likely taxation, useful advice as to the possibility of third party claims against the estate, and help in protecting your assets.
There are some life situations that can significantly alter the original wishes for your estate, such as: marriage and divorce; changes to the family asset pool; buying and selling of a business; superannuation, insurance policy or taxation changes; and the establishment of discretionary trusts. For these reasons, it is important to consider estate planning as an active and ongoing process throughout life, and as vital to protecting your retirement income alongside the future of your family members.
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