Estate and Succession Planning

Given that our firm has a history dating back to 1869, we have had considerable experience in estate and succession planning. In fact, many of the corporate restructures which we undertake on behalf of clients are the result of our estate and succession planning advice.

We are aware of the dangers of not having a proper estate and succession plan in place, and we are currently actively encouraging our clients to give these matters serious consideration.

Our emphasis in this area, in addition to the matters listed above in respect of Corporate Restructures, centres around the following matters:

• having a clear plan for the future in respect of succession, especially for SMEs which are family operated;
• having proper and adequate insurance in respect of 'key' person in the business;
• having a funding agreement in respect of insurance policies;
• ensuring that the corporate structure is the most efficient method of achieving the transfer of control on succession;
• ensuring that all of the assets which are used in the business are either owned by the entity or secured by the business entity (it is not uncommon to have the premises owned by associated entities control over which is not passed in the same manner as the business operating entity); and
• preparation of individual wills - this is usually the last step in this process.