Jun

27

Health Check for Estate & Business Succession

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QUESTION YES NO DON’T KNOW
1. Do you have a current Will?      
2. Do you have a company, trust or self managed superannuation fund?      
3. If yes to question 2, does your Will address who will take control of those structures?      
4. Do you know if your current Will is tax effective?      
5. Do you wish to leave your Estate equally amongst your surviving spouse and/or children/step-children?      
6. Does your Estate have sufficient assets to fund your gifts and ensure your surviving beneficiaries can continue with their quality of life?      
7. Are you comfortable that your beneficiaries will not require any asset protection?      
8. Is the succession of your business catered for in the event of your death?      
9. Do you have a Business Will?      
Do you have a Partnership Agreement/Shareholders Agreement if you are in business with other parties?      
Does your Will deal with how any of your children under 18 are to be cared for and educated in the event of your death?      
Does your current Will address any asset protection concerns that you have for you or your beneficiaries?      
Do you know what a testamentary trust is?      
Are you aware of what happens to the proceeds of your life insurance policy upon death?      
Are you aware of what happens to your superannuation entitlements in the event of your death?      
Are your investments structured to minimize tax?      
Are you familiar with the different ownership structures that you can use as a vehicle to own and protect your assets outside of your Estate?      
If you have a blended family, have you planned for how your Estate is to be divided between your new spouse, your natural children and your step-children?      
Does your superannuation fund allow you to nominate a beneficiary to receive your entitlements upon death?      
Do you have an Enduring Power of Attorney?      
  1. .
Are you aware of who will take control of your health and wealth if you lose capacity, and their responsibilities?      
Are you aware of who will take control of your trusts and companies if you lose capacity?      
Are you aware of how your Estate is distributed if you die without a Will, and who controls your Estate if you die without a Will?      
Do you know what an Advance Health Directive is?      
Are you happy for your next of kin to make decisions about your health care if you are in a life and death situation?      

 

If you have answered any of these questions with a “No” or “Don’t Know” it is likely you should seriously think about reviewing your personal and business affairs with a view to formulating a Succession Plan including Estate Planning, Wills, Powers of Attorney and Business Succession (if applicable)

 

 

Contact Byron Cannon @  Ferguson Cannon  on 07 5443 6600

to discuss any of your Estate and Business Succession requirements.

Please also feel free to visit our website at www.fclawyers.com.au to find more informative information

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Category: Administration of Estate, Conveyancing, Fact Finders, General, Wills & Estates

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