Succession & Estate Planning

At Matrix Norwest, we have a passion for ensuring our clients not only have a comprehensive personal estate plan and business succession plan, but also that they understand it.

Succession Planning

It is important for all business owners that they know what their exit strategy will be. This is not only when they are ready to retire, but also in the case of sale opportunities, death, disablement, partnership breakdown and liquidation. There are many things to consider, including:

  • A Shareholder or Partnership agreement – when in business with partners, including family, it is important to consider the roles and responsibilities that each person will have. This includes details on how major decisions will be made, what happens if a partner wants to exit or is required to exit and is designed to protect the interests of all parties.
  • Buy / Sell Agreements and associated insurance – in the event of the death or disablement of a shareholder or partner, having protection through an agreement that is backed by insurance can help not only the family of the partner, but also the business and other owners in difficult circumstances.
  • Family succession planning in business – we can assist you to bring the next generation into the family business in a tax effective way that provides a transition of control from one generation to the next and protection of the business.
  • External or employee sale – we can help get your business ready for sale, ensuring it is in the best possible legal and tax position to provide protection and maximise value.

Estate Planning

One of the certainties of life is that everyone at some point will be exposed to the need for an estate plan. Our goal is to ensure that the process of drafting your estate plan is one that gives you confidence and the ability to feel reassured that your wishes will be understood and followed. On the completion of your estate plan, the feeling you should have is one of relief.

There are four components of your estate plan:

  • Enduring power of attorney – this is a document where you appoint someone to make financial and legal decisions on your behalf whilst you are alive. It is a very important power and one that should continue to have effect even if you lose legal capacity.
  • Enduring guardianship – your guardian is the person who makes lifestyle and welfare decisions about you whilst you are alive. This is not a document relating to your minor children, but one that involves the care you will receive, where you will receive it and who will administer it for you.
  • Benefit nomination – it is important to understand that your superannuation balance is a separate asset that is not normally controlled by your will. It is important to have valid beneficiary nominations in place and this applies to all types of superannuation funds.
  • Will – your will is the final document that is required as part of your estate plan and the one that is most commonly discussed by people. Unlike the other estate documents which can be relatively simple once we identify your primary goals and intentions, a will can be either a simple or complex document depending on your personal circumstances, your asset profile, beneficiary profiles and what level of control you want to exercise or the level of discretion to the people you leave behind.

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