Organising the estate of your business is essential to ensure the safe and effective management of your assets. The team at WGC Lawyers brings a reputation for professionalism and compassion in helping companies in Cairns establish continuity for their affairs and maintain their legacy. Continue below for a look at the importance of estate planning and the key steps you can take to facilitate this. Contact us online today to book your consultation.
Cairns Law: Why is Estate Planning Important?
Managing your business estate is the most important factor in ensuring it continues to run effectively when you’re no longer running the operation. Here’s a look at the most important factors.
Planning for the Succession
You need to determine who you want to replace your role in the business when you’re gone. Clearly planning the transfer of control of your business is critical to avoiding disputes amongst shareholders, employees, family and partners.
Structuring Your Business
Different legal structures will impact how you transfer control of your business, and understanding these prevents confusion and ensures your successors carry out your wishes. Examples of structures include:
- Partnerships
- Sole traders
- Trusts
- Companies
Estate Planning in Cairns: Tax Implications
During the transfer of an estate, your business may face certain tax consequences, including stamp duty and capital gains. Planning for this can allow you to mitigate the impact of unexpected costs by accessing concessions or transfers more efficiently.
Estate Planning: Important Factors
Here’s a look at the most important parts of estate planning.
Establishing Your Will
This legal document is an essential factor in estate planning under Cairns law. It establishes how you wish to share out the assets of your business when you step back from running the operation.
Determining Who Has Power of Attorney
You must appoint someone to have legal authority over making decisions on your behalf. If you’re unable to continue running the business, this person will make legal and financial decisions to keep the business running.
Outlining Shareholder Agreements
Establish what will happen with your business shares to ensure your business partners and shareholders are clear about your intentions.
Creating a Trust for Your Assets
A trust is an effective method for reducing tax and protecting your assets from creditors after you step back from your business.
Updating Your Insurance
Performing a review of your life insurance policy and retirement accounts is an essential part of estate planning in Cairns. Ensure these documents reflect your current attitude on how you want to distribute your assets.
Managing the estate of your business is a complex task that can be emotionally draining. The team at WGC Lawyers in Cairns brings over fifty years of experience to manage your legal and financial affairs once you step back from day-to-day operations. Contact us online today to speak with one of our friendly team members for a consultation.