What Would Happen If You Died Suddenly?

This is a very appropriate question which should be asked by all family business owners. Effective planning is essential to ensure your beneficiaries gain the best possible benefit from your assets and investments, if you died.

What is Estate Planning?

Estate planning concerns most of us. We spend a lot of time complicating our lives for business or taxation purposes and often a 'simple' Will would not be sufficient.

Some reasons to plan your estate:

• to provide for your retirement;
• to achieve the right balance between your income and growth assets;
• to maximise the financial return on your investments;
• to protect your assets;
• to ensure you and your finances are looked after when you're not in a position to do so;
• to ensure your estate is dealt with in accordance with your wishes when you die; and
• to save your family from unnecessary stress, legal and financial problems when you die.

Do I need a Will?

The making of a Will exercises your legal right to decide how your assets will be divided upon your death. You need to prepare a Will:

• to choose beneficiaries for your assets and investments, including your business;
• to appoint guardians of your minor children; and
• to name an executor(s), someone you trust to carry out the administration of your estate.

It is important your Will is regularly reviewed, to ensure it accords with your current wishes, either every 5 years or on the happening of a significant event in your life such as:

• upon death of the executor or a beneficiary under the Will;
• upon changes in relationships;
• upon birth or death of children or other beneficiaries; and
• upon the acquisition or sale of specific assets or investments bequeathed in a Will.