Succession Plan

Be ready for the unforeseeable event.
Imagine one day you cannot work or you might leave this world. Do you have a succession plan?

The first question is, what legacy do you want to pass? your assets or your business

How should I pass my asset to my children in my will without paying too much government charge or unnecessary tax?

I don’t want my children to access my assets until they turn 21. Can it be arranged? What is the tax implications?

I plan to give them support to buy a property after turning 25; what should I do?

If you have your will in place, how often should you update it?

Was your family estate document well-drafted and stored in a safe place?

Have you changed your will since you have a new family member or some of your family member’s turned 18?

Should you update your will after you buy a new property?

Apart from all these your family need someone to represent their interest on the day you go.

Set a plan today to avoid disputes and confrontation within the family.

You might want to bring your family member in this process ensures everyone has been heard and any potential disputes are managed.

Do you have an exit plan for your business? Are you sure your business will be transferred to the right people?

Is a substitute decision-maker in place when you are not available?

Is everything insurable? is my insurance cover enough?

If I die, can my Power of Attorney sign as a director or a trustee for me?

Lack of these plans leads to loss of business and possible expensive disputes with other stakeholders.

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