Estate planning forms an integral part of building wealth. After all, what is the point of building something that you are proud of if you do not adequately pass it on to the next generation? The Bearded Lawyer’s estate planning articles will focus on strategies and plans that allow you to leave your surviving family members protected, and able to benefit from your estate in a tax effective manner.
I recently explained why all business owners need a will, and set out what happens if you were to die without one. I also touched on, but didn’t elaborate on, the concept of estate planning. This involves putting in place mechanisms that protects your legacy, utilising tax effective strategies that benefit your survivors and also factoring in any superannuation benefits and life insurance policies that come into play.
This post deviates from my usual startup and business focus, by discussing a topic most people would prefer to ignore: your will. Why you ask? Well, look at it this way: what is the point of building a successful business if you don’t properly plan for handing that over to your survivors upon your eventual death? Estate and succession planning is an important component of building wealth, and I’ll tackle these issues from time to time. So, on that note, here is a quick rundown of why you need a will.