Farm Succession Planning – The Documents

In this last article of our series, we’ll discuss various succession planning documents in more detail. Most people understand that a Will sets out the distribution of assets to beneficiaries and appoints executors. Superannuation is an asset not automatically covered by a Will, so Binding Death Benefit Nominations are important to ensure that superannuation is directed to the intended…

Farm succession planning – using trusts to protect their inheritance

Testamentary discretionary trusts are powerful tools, and can provide beneficiaries with a plethora of options to efficiently manage their inheritance. Asset protection Receiving an inheritance via a discretionary trust allows beneficiaries to manage their inheritance separately from their personal family wealth. This can assist beneficiaries who might be considered ‘at risk’ individuals, being people who…

What is the difference between Succession Planning and Estate Planning?

For many people, conversations about their Will and succession planning are easy to put off, but many problems (costly legal disputes and tax bills, to name just two) can be minimised with disciplined forward planning. Succession planning is the broad process of considering how your wealth will be transferred, either during your lifetime or after…

Wills and Estate Planning for farmers – Part 2

Last week, we wrote about what can go wrong without careful estate planning. This week, we go into details on trusts and transfer of assets, and how to get started. Building your team It is important to work with a team of professional advisers. Estate planning should involve taking advice from a lawyer and accountant,…

Time to have the conversation – Wills and Estate Planning for Farmers

We know you put a lot of hard work into running and maintaining your farm – and we know that farms are often made up of a combination of valuable assets including land, equipment, commercial relationships and highly specialised knowledge, accumulated carefully and strategically over many years and across several generations. Over the next three…

Enduring Powers of Attorney and Appointment of Medical Treatment Decision Makers

As part of a comprehensive estate plan, it is important to remember two key documents:- Enduring Power of Attorney and Appointment of Medical Treatment Decision Maker. What is an Enduring Power of Attorney? This document allows you to appoint someone to make decisions for you in relation to legal, financial, and personal matters. An Attorney…