How can I clarify my succession planning needs?

Do you know whether your succession planning needs are straight-forward or whether you have family or financial circumstances which require special attention? Do you know where to start, who you can turn to for assistance and what it will involve?

In my experience most people avoid succession planning because they simply don’t know where to begin.  It’s all too daunting. Let’s see if I can give you a head start.

  • Does one of your beneficiaries suffer from an intellectual disability or have special needs?
  • Does one of your beneficiaries have serious trouble managing money?
  • Do you have a blended family (children from a prior relationship)?
  • Is one of your beneficiaries potentially facing bankruptcy or a relationship breakdown?
  • Does one of your beneficiaries have a drug, alcohol or gambling problem?
  • Do you wish to create a life—interest in property or make a gift conditional?
  • Do you have a self-managed superannuation fund, company or trust?
  • Do you conduct a business?
  • Do you wish to leave a child out of your will?
  • Have you any unresolved family law property or maintenance issues?
  • Do you have overseas assets or non-resident beneficiaries?

If you answered ‘no’ to these questions, your planning requirements are relatively uncomplicated and you should proceed to make a will without delay. After all, having a will gives you peace of mind that your wealth will be distributed to the people you care about after you die.

If you answered ‘yes’ to any of these questions, then you have identified an issue requiring specific planning attention.  The longer you leave these matters, the harder it can be to address them in your plans.

Regardless of your answers, by undertaking this short exercise you have already begun the planning process as you have identified any issues that require special attention so you can seek the appropriate guidance.

Take the next step and undertake a full succession planning self-assessment online to learn more about any special needs you may have. You will receive a written report if you desire one. The assessment is free and there are no obligations attached. Just visit and click the ‘Start Now” button.