TPAV Journal - The Police Association Victoria

LEGAL ADVICE
Protect what matters to you most
with a watertight succession plan
Wills and succession planning specialist Rod Cunich of Slater & Gordon Lawyers
discusses the intricacies of succession planning where drawing up a will is just
the beginning.
Whether through accident,
disease or death, the day
will come when you can no
longer personally provide
for the financial, health
and emotional wellbeing of those you love.
These issues are too important to leave to
chance. fortunately, you can plan for that
time and put structures in place to help
secure their future.
This process is called succession planning,
sometimes called ‘estate planning’.
A well-structured succession
plan can give you great
peace of mind that
your loved ones will
be provided for as
you intended.
Preparing a will is
an integral part of any
succession plan as it
determines how your
assets are to be divided
in the event of your
death. This may include
physical belongings
such as cash,
clothes, jewellery,
cars and the family
home, as well as
investments such as
your superannuation
or share portfolio. but there are many
other factors to consider. These may
include the protection of inheritances
should beneficiaries face a failed marriage,
remarriage, bankruptcy, loss of mental
incapacity, drug or gambling dependency,
spending problems or family disputes. It
might also include the minimisation of the
tax burden for your beneficiaries once they
take ownership of your property as well
as deciding on guardians to care for your
children if they are still minors when you
pass away.
36 Protect Represent Support. www.tpav.org.au
Succession planning is not all about
planning for the time you pass and the
preparation of a will. It’s also about the here
and now. To protect you, your family and
your property, you should take into account
problems that you, or they, may face during
your lifetime such as a failed marriage,
remarriage, bankruptcy, physical incapacity
or loss of mental capacity.
with the advice of a succession planning
lawyer you can put legal safeguards in
place to prepare for these and life’s other
contingencies to ensure you and your loved
ones will be provided for. In doing so, you will
find security and certainty, not just for you,
but for those you care about most.
The legal components of succession
planning are only part of your broader
succession planning strategy. A well
thought-out plan should include legal
documents that are coordinated with
your retirement, investment and wealth
accumulation strategies.
when there are several parties involved
in your succession planning, including
a number of professional advisors and
family members with differing interests
and objectives, it can be easy for waters
to become muddied. Careful structuring
and preparation of your plan and its proper
documentation ensures each stage will be
followed accurately in the years to come,
minimising future disputes, and ensuring
that all parties are on the same page. your
succession planning lawyer can develop
an integrated succession plan for you by
working cooperatively with your
accountant, financial planner
and insurance advisor.
Don’t be penny wise
and pound foolish −
spending time and
money now on the right
legal advice will save you
and your family in the
future.
for further information
about putting together
a comprehensive
succession plan, you can
contact the Association
on 03 9468 2600 about
making a time to speak with
one of Slater & Gordon’s lawyers
with expertise in this field.