Wills and Succession Planning

Your wishes matter, make a plan, set it out formally and make your wishes count for later.

Wills and Succession Planning Melbourne

Effective Wills and succession planning ensures your loved ones are provided for the way you intended. The planning you do around personal and business wealth protects assets and ensures your intentions are clear and can be carried out.

Will planning

Succession planning

Will planning

There’s a lot to consider when preparing a Will. You need to think about:

Appointing an executor
Funeral plans and costs
Guardianship of children

Life insurance
Settling debts
Charitable donations
Selecting beneficiaries
Distribution of assets

Preparation of a Will can be overwhelming and many people don’t want to think about it. Fortunately, the team at Bruce Edmunds & Associates have years of experience in providing tax and accounting advice around Wills and the planning required and give you complete peace-of-mind for your family’s future.

Succession planning

Succession planning is important to any business owner. A succession plan identifies people who can fill key roles in a business when an owner retires or passes away.

Succession planning includes the specifics for the successful transition of business control. This is essential for family-owned businesses.

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1. What is the succession process?

2. Identify risks

3. Create the succession plan

4. Implement strategy

1. What is the succession process?

The first step in creating a succession plan is to understand business structure. This includes the critical roles of people and organisations in the business as well as who has control and what will need to change.

Understanding includes understanding the end game, what are the personal and business goals.

2. Identify risks

We identify and try to mitigate risk in the succession planning process. Unprepared successors, financial incapacity, bankruptcy or divorce can each be a hazard for successful succession planning.

3. Create the succession plan

A good succession planning strategy minimises or identifies tax issues and ensures legal obligations or implications are met. Succession plans need clear goals and processes to ensure the plan is fulfilled. Deadlines should be closely monitored on an ongoing basis.