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Succession Planning & Retirement Planning
Planning for the future helps protect your financial security and provide clarity for your family. We offer strategic succession and retirement planning advice so your superannuation, life insurance, investments and business interests work together in a coherent long‑term plan.
Superannuation - Superannuation is often one of your largest assets and needs to be carefully aligned with your estate plan. We advise on binding and non‑binding death benefit nominations, reversionary pensions and how your superannuation benefits may be taxed and distributed on death. Our goal is to ensure your superannuation is paid to the right people in the most appropriate way.
Life insurance - Life insurance can provide important liquidity and support for dependants, business partners or your estate. We help you integrate life insurance policies into your estate and succession plans, including ownership and beneficiary structures and how proceeds will be used to meet debts, equalise inheritances or fund business succession arrangements.
Business succession - Business succession planning aims to provide continuity for your business and certainty for your family and co‑owners. We work with business owners to develop succession strategies, including buy–sell arrangements, shareholder or unitholder agreements, and governance frameworks that address incapacity, retirement and death. This planning helps minimise disruption and disputes when change occurs.
If you are thinking about retirement or wanting to put a long‑term succession plan in place, we can work alongside your accountant and financial adviser to create an integrated, practical structure that reflects your goals.
FAQs: Common questions about succession planning and retirement planning are answered below.
Frequently asked questions about succession and retirement planning
What is succession planning in Victoria?
Succession planning is the process of deciding who will take over the ownership and control of your assets, business and other structures when you step back or pass away. It often involves planning for changes to directorships, shareholdings, trust control and decision making roles.
How is succession planning different from making a will?
A will deals with how your personal estate is distributed after you die. Succession planning looks more broadly at who will control businesses, companies, trusts and key assets during your lifetime and after your death, and how those changes will be implemented.
When should I start succession and retirement planning?
It is wise to start succession and retirement planning well before you intend to retire or exit a business. Early planning gives you time to identify and prepare successors, resolve potential issues and structure the transition in a way that supports both you and the next generation.
Why is succession planning important for family businesses?
Succession planning helps family businesses manage a change of control in an orderly and transparent way. It can reduce the risk of disputes between family members, protect the value of the business and give clarity about roles, responsibilities and expectations.
How does retirement planning fit into my estate plan?
Retirement planning focuses on your income, assets and lifestyle needs as you reduce or stop work. When integrated with your estate plan, it helps ensure you have enough to live on while still allowing for appropriate provision for your spouse, partner, children and other beneficiaries.
What issues are commonly considered in succession and retirement planning?
Common issues include who will take over management or ownership of a business, how control of companies and trusts will pass, how income will be shared between family members, and how to fund retirement. Tax, superannuation and asset protection considerations are also important.
Do I need to update my will and powers of attorney as part of succession planning?
Yes, it is usually important to review and update your will and powers of attorney when you put a succession and retirement plan in place. This helps ensure your documents are consistent and clearly reflect who will make decisions for you and how your assets will be dealt with.
When should I get legal advice about succession and retirement planning?
You should seek legal advice if you own a business, company or trust, have significant assets, or are thinking about stepping back from work or transferring responsibilities to others. An experienced succession planning lawyer can help you understand your options, document your intentions and coordinate advice from your accountant and financial adviser.