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Farm along Great Ocean Rd

Succession Planning

Future Proofing your Business

Whatever your family circumstances, or the structure of the business, the key is to have a plan. Doing nothing is not an option.

Estate and Succession Planning is not as simple as just making a Will.  The earlier the process is started, the better the chance of fairness, protecting assets, and maintaining family relationships from generation to generation.

Finlaysons can work with you to ensure firstly that your assets are structured effectively for asset protection, tax and ultimately succession purposes.

Nikki Owen lawyer

Where a business is involved, a succession plan can lay down the ground rules for entry into the business as an employee, a board member or an owner.  The skills of the current owners can gradually be passed to the next generation, and external board members can also provide independence and guidance.  Non-business assets can be built from an early stage to provide fairness for children not inheriting ownership.

The key is to start early.  Think about how assets would pass if they had to pass in a week, or a month.  Have a plan for now, which can be reviewed and updated regularly as circumstances, assets and people change. – Nikki Owen, Head of Wills, Estates & Succession Planning

Have a Will to pass estate assets with the benefit of asset protection, and the correct documentation in place to ensure that non-estate assets, such as control of trust assets and super pass as intended.

10 articles to assist you in having a conversation, preparing and setting up a succession plan: