Personal injury

Succession Planning with Wright Street Lawyers

What is Succession Planning?

Succession planning is the process of arranging for the transfer of your assets and wealth to your chosen beneficiaries upon your death. It involves creating a comprehensive plan to ensure that your wishes are carried out smoothly and efficiently.

Importance of Succession Planning

Effective succession planning can help minimise family disputes, reduce tax liabilities, and ensure that your assets are distributed according to your wishes. It also allows you to appoint guardians for minor children and make provisions for family members with special needs.

Key Elements of Succession Planning

Succession planning typically involves creating a will, establishing trusts, designating beneficiaries for superannuation and insurance policies, and appointing an executor to administer your estate. It may also involve considering strategies to minimise estate taxes and protect assets from creditors.

FAQs


An executor is responsible for managing the distribution of your assets according to your will and ensuring that your final wishes are carried out.


By utilising strategies such as setting up trusts and making gifts during your lifetime, you can potentially reduce the tax burden on your estate.


It is advisable to review and update your succession plan periodically, especially after major life events such as marriage, divorce, or the birth of children.

Contact Wright Street Lawyers for client-focused Advice

If you need assistance with succession planning or have any questions about estate planning, probate, or family law matters, contact Wright Street Lawyers in Adelaide, South Australia. Our experienced team can provide you with client-focused legal advice and representation to ensure that your assets are protected and your wishes are carried out.

Don’t leave your legacy to chance. Plan for the future with Wright Street Lawyers today.