Step To Finalize Before Having A Succession Plan

Whether you own a humongous or comparably a smaller estate, there are a few things that need to be planned coherently. Thinking and taking decisions logically becomes an extreme necessity here because estate or succession planning is not merely about creating a will. There are several other factors associated with planning the succession, such as superannuation, powers of guardianship or transfer of the wealth after you pass away. The process therefore, can be undoubtedly exasperating and confusing. This is exactly where one needs a family law attorney, who won’t just help you deal with the legalities of such matters, but be able to provide you, a well structured plan of succession. We shall see a few steps you need to take before you finalize your succession plan.

  • Ensure your will remains updated

Difficult times, give rise to situations, wherein one wonders what happens to the wealth when he/she passes away. This is why one needs to have a will of their own. Contrary to this, if you already have a will, you need to keep it updated by notifying your family lawyer. This is because it will determine who will get what part of the property after you. It is the job of your family lawyer here, to help and advise you to make necessary changes in the will and the succession or the estate plan. 

  • Protect your superannuation

Superannuation can support your family to a great extent after you. So protecting this money is especially important, as it usually accounts for a large proportion of a person’s wealth. It is therefore imperative that you speak with and consult your lawyer, so that the money directly benefits the person it is directed to. Besides, it is a great way of reducing the chances of the inheritance claim. 

  • Appointing a family lawyer

Perhaps this is the most significant step that one needs to take, while designing a succession and estate plan. Your family lawyer is the one person who knows your family as well as you do. Which is why, he/she will not just guide you, but suggest and advise you as well. With an enduring power of attorney, you are eligible to appoint two people to act on your behalf, even if you lose capacity.  

This is where Litvack Dessureault LLP avocat can help you create the most coherent plan of succession.