For small business owners looking to create, protect, and grow their wealth, the following should be addressed with your Wills Lawyer as part of an overall risk management and estate-planning strategy.
To protect and grow your wealth, ensure your business minimizes risks through:
1. Constitutional Agreements: Implement shareholder, partnership, and joint venture agreements where applicable.
2. Buy and Sell Agreements: Establish agreements for the sale of shares or partnership interests in the event of death or permanent disability, backed by insurance policies to fund payments to the deceased’s estate or directly to the disabled party.
3. Insurances: Incorporate general insurance, directors’ and officers’ insurance, product liability, and professional indemnity insurance.
4. Intellectual Property Protection: Protect business names, logos, trademarks, designs, patents, and copyrights. These can greatly influence the value you leave to your beneficiaries.
5. Asset Protection: Transfer personal assets to a trustee or non-business participating spouse/de-facto to ensure your Wills Lawyer can accurately assess the true value of your estate, free from third-party claims.
Ensuring Beneficiaries of Your Wealth:
6. Binding Financial Agreements: Regulate asset entitlements between spouses or de-facto partners upon relationship termination. Your Wills Lawyer will advise on the applicability of the Family Law Act.
7. Superannuation: Decide who will benefit from your superannuation proceeds upon death through a Binding Death Benefit Nomination. For Self-Managed Superannuation Funds, ensure compliance and continuity through necessary documentary changes to your Enduring Power of Attorney and other documents. Your Wills Lawyer can guide you on this.
8. Enduring Powers of Attorney: Designate who can make decisions regarding your health, lifestyle, and financial matters if you become incapacitated, ensuring business management can be taken over by someone else.
9. Will: Ensure you and your spouse have a will to avoid dying intestate and provide specific directions on how you want your wealth distributed after death.
Contact Me
Ensure your commercial lease is thoroughly reviewed and tailored to your needs. Contact Jim Wilson, an experienced Wills Lawyer, for expert advice and assistance. Call 0415 645121 to discuss your lease requirements today.