Myth and Facts About Wills Infographic: “When I Retire My Affairs Will Be Simple And I Won’t Need As Much To Live On”
Business Succession Planning
Think about how much time and effort you put into building your successful business, and then imagine what would happen to your achievement if you failed to plan for the future.
Without a solid business succession plan in place, your company could quickly crumble upon your retirement or death, resulting in much heartache and potential loss of value for your family members and employees.
Fortunately, the Adelaide estate planning lawyers at Genders & Partners can help you navigate this complex area of law so that you can have peace of mind about the long term future of your business.
What Happens When You Do Not Secure a Business Succession Plan in Adelaide?
Business owners put off creating a succession plan for many reasons. They may fear death and not want to talk about the inevitable. They may also be reluctant to give up control of the business during their lifetime, or they may have difficulty choosing a successor among their children or other family members. Even when it is understood who the successor will be and how the business is to be handled, failure to legally document your wishes often results in contention and costly mistakes.
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The Importance of Updating Your Will And Estate Plan
At a minimum, your estate plan includes a Will and some powers-of-attorney. These documents are NOT set & forget. They are snapshots of your intentions at that point in time.
The older these documents are when they need to be used, the greater the risk of a successful challenge to them, when you will not be able to defend your decisions. It’s all about Risk Management.
If you have a proven track record of reviewing and confirming or amending your estate planning documents and keeping them up to date every 3-5 years, there is a much reduced risk of interference with your wishes.
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What Is A Will Worth?
Several times each week, my phone rings, and someone asks me the question: “How much do you charge to make a simple Will?”
I always answer honestly, and provide as much detail as I am able. I try to ask some questions to inform my understanding of their situation. Some people resist this type of discussion – they think they know what they want, and now are simply shopping on price.
I can’t help those people. They don’t want what I have to offer. They aren’t looking for sensible, practical advice. They aren’t interested in education. They refuse to consider the possibility that they are not asking the right questions. Their minds are closed.
It’s as if they have diagnosed their own illness, and written their own prescription. They don’t want a doctor to ask them questions or form an independent assessment of their needs. They just want the pharmacist to fill the prescription with a minimum of fuss and expense.
Best of luck to them, and to their families. I think they’ll need it.
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Wills and Estate Planning Adelaide: Benefits of a Discretionary Trust
Adelaide Lawyer: Becoming An Estate Executor
Has a friend or loved one named you in his or her Will as executor of their deceased estate? If so, you may be confused about your responsibilities and fear that you are not up to the task.
You may be overwhelmed, but the Adelaide probate and estate administration lawyers at Genders & Partners are here to put your mind at ease about your role as an estate executor.
These are some of your main responsibilities when you are named the executor of a deceased estate:
Locate the Will: Hopefully the original Will is often located at the lawyer’s office, but it could actually be anywhere, including among the deceased’s important papers. When you find the original Will, you should take great care not to alter it in any way.
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Estate Planning for Blended Families
The term “blended family” refers to a cohabitation relationship in which one or both partners have children from previous relationships. People are often unaware, particularly in cases of unmarried couples and same-sex couples, about what they are legally entitled to when their partners die.
Having children from various relationships just adds to the confusion and often results in unintended consequences —even ex-spouses in some cases making claims against the estate. That is why you need the estate planning assistance of our seasoned estate planning team at the oldest law firm in South Australia.
At Genders & Partners, we will carefully study your family dynamics and help you work out a plan for the distribution of your estate that gives you peace of mind.
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