Rural Law with Peter Long recommend keeping your will up to date. As a rule, any big change in your life, such as marriage or divorce, children, property purchase or sale or starting or exiting a business will necessitate a change in your will. Unless you know when you are going to die, it’s a good idea to update your will as soon as possible after a major life event.
The days of using your will as a succession plan are long gone. Today a will is only one part of a process of recording, actioning and realising your estate planning objectives. Planning your estate well will ensure you preserve and enhance its value and avoid adverse consequences for intended beneficiaries.
Small businesses, particularly rural businesses, are often operated by families and even the mention of the need for a succession plan can ignite emotive situations for all concerned. We understand the dynamics involved in dealing with sensitive business situations and are dedicated to assisting businesses to develop and implement strategies with respect to these dynamics.
Rural Law with Peter Long can assist you to formulate a successful and appropriate estate planning strategy that fits with your succession planning objectives and an orderly tax effective transition of your assets to your loved ones.