Nobody likes to think about it too much, but inevitably one day you will have to leave your business or farm, whether by selling up, retiring or leaving for health reasons.
It is very important to have a succession plan in place that makes the transition easy not only for you, but also for your family or employees, which minimises the chances of the business or farm having to be sold up when you leave.
Estate planning goes beyond drafting a Will – it includes:
- Assessment of assets
- Minimisation of likely taxation, and the small business concessions on retirement
- Evaluation of future successors, especially younger generation family members
- Structure Assessment – Family Discretionary Trusts and/or Unit Trusts
- Appointment of successor Company Directors or Transfer of shares in the company
- Succession of Appointors / Trustees of Trusts
- Assessment of Company Constitution and/or Shareholders agreements
- Advice regarding the possibility of claims against the estate by third parties
- The protection of assets
A successful plan is made through involving all family members, accountants and lawyers, to take into account not only provisions for your retirement income but also the plans, aptitudes and existing assets of younger generations.
At Kilcoyne Lawyers we understand that dealing with a deceased estate is one of the more difficult challenges in life. From mountains of paper work to legal jargon and simmering family disputes, it may be the last thing you want to deal with, when you’re grieving the loss of someone important in your life.
So, let us help you by:
- Interpreting the Will of the deceased in terms of estate laws
- Advising executors and trustees in regard to their duties and rights
- Informing government bodies including Centrelink and Veterans Affairs
- Applying for Probate of the Will in the Supreme Court
- Dealing with intestacy (where there is no Will)
- Applying for Letters of Administration (if the Will is deemed invalid or is absent)
- Identifying estate assets and liabilities
- Obtaining valuations of estate property
- Collecting estate financial assets including superannuation, bank funds, shares, outstanding loans, and insurance payouts
- Selling or transferring estate property including estate auctions
- Paying estate debts including mortgages, funeral costs, and testamentary expenses
- Advising in regard to family and testamentary trusts
- Administering trust funds
- Distributing bequests and inheritances to beneficiaries
- Organising information for estate tax returns
- Family mediation and negotiation
- Contesting wills and defending estate litigation in the Supreme Court
Contact us to find out more or to arrange an appointment with an experienced estate lawyer in the Camden area.