Earlier this week Mahoneys Partner Antony Harrison spoke with Carolin Lopez from the Professional Medical Practice about the importance of estate planning during the COVID-19 pandemic.
In short, estate planning is the process of anticipating and arranging for the management and distribution of a person’s assets in the event of death or incapacitation.
Estate planning can be as simple as having a Will, but often involves much more. Setting up an estate plan involves developing a comprehensive strategy to ensure that your estate is dealt with properly and may include preparing a Will, reviewing company and trust structures and documents, reviewing business structures and partnerships, reviewing superannuation and life insurance policies, preparing binding death benefit nominations and dealing with control of assets.
Estate planning can also consider whether you need someone to have the power to make important life and business decisions if you are incapacity, and what legal documents are required to support this.
Whilst the podcast was prepared for medical practitioners the message is important for all business owners.
Feel free to contact us if you need any estate planning assistance.