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 – who is to receive your wealth

The third and fourth of the four key estate and farm succession planning questions – who is to receive your wealth, and how should they receive it. Farming families often wish to leave their estates to their spouse, and then divide it equally amongst children when both parents have died. Challenges arise where one child…

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…