Succession Planning:

Succession planning involves making arrangements to ensure that your personal and business affairs are in order prior to retirement and your eventual passing. Some areas that are often considered include:  

• What is the value of your business/ company? 
• Who will take over your business/ company? If by sale, what steps do you need to take to identify a purchaser and prepare your business/ company for sale? 
• Will you need to provide training once your business/ company passes hands? 
• What involvement, if any, do you want to have in the business/ company going forward? 
• What arrangements need to be made under existing contracts to which you are a party in anticipation of your retirement (for example, car leases)? 
• Will your retirement affect any existing trust structures and what changes will be required? 
• Are there any taxation implications upon retirement? 
• Should your life insurance policy be updated to reflect any changes? 
• What financial planning advice is required? 
• When can you access superannuation or any other benefits to which you are entitled? 
• Do you need to obtain a will or otherwise update an existing will? 
• Who should you appoint as your guardian in the event you cannot make medical and welfare decisions independently? 
• Who should you appoint as your enduring power of attorney in the event you cannot manage your legal and financial affairs due to medical or physical impairment?  

A clear and comprehensive succession plan can assist you in navigating your way through such significant life events and to provide maximum protection for you and your family.  

 If you require any legal advice and assistance with your succession planning, you may wish to contact our firm and arrange an appointment to see one of our Aged Care & Elder Law Solicitors. Please call us on (02) 9233 4048 or send an email to info@navado.com.au. 

This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.