TTO Talks – Understanding Your Will and Succession Planning

TTO Talks – Understanding Your Will and Succession Planning

Last week at TTO Chartered Accountants, we were privileged to welcome Tom Pledge of the esteemed Crawford Legal to share his expertise and knowledge on Understanding Your Will and Succession Planning.

Tom has over 15 years’ experience in corporate and commercial law and wealth management, working in both small and large commercial law firms. His speciality includes commercial advice and agreements, property, retail and hospitality, succession planning and agribusiness.

Crawford Legal are trusted advisors in corporate, commercial and construction law, with a proven track record of providing high quality, cost-effective legal services across all sectors.

Our second TTO Talks also saw us welcome Brad Ebert from Port Adelaide Football Club, who showcased Hey Diddle Wines, a project manifested by himself and fellow footballer Tom Jonas – partnering with Ben Chipman and Toby Yap of Tomfoolery Wines.

A snapshot of the insight Crawford Legal offered on the night included:

What is a will? A will is a legal document that names the people you wish to gift everything you own in your personal name to; it also involves nominating executers, nominating guardians of children, confirming burial wishes and passing control of trusts.

Do I need a will and what else do I need? If you have any concern about who will receive your assets upon death, then yes. Other documents necessary may include a Statement of Wishes, Power of Attorney, Advance Care Directive, Binding Death Benefit Nomination, Life Insurance Nomination and Trust Deed Amendments.

What happens if I don’t have a will? The government decides what happens to your assets. Generally, your spouse or children will receive everything, depending on the worth of your assets.

Can anyone challenge my will? A spouse or domestic partner, children, grandchildren, parents and siblings can all challenge your will if it does not adequately provide for them.

When do I need to update my will? It is recommended you update your will every 3-5 years, unless you have a change in financial or family circumstances, a death of an executer or trustee, you acquire significant assets or have a change in relationship such as marriage or divorce.

What is the difference between succession planning and a will? A will can implement succession planning to a certain extent and in certain circumstances, but a transfer of control of business assets should be done separately to a will to facilitate the smooth transition of assets, manage expectations of family members and minimise scope for dispute.

What are the benefits of succession planning? A successful succession plan addresses issues of equality and fairness, allows a smooth transition into retirement and preserves the current tax treatments.

Our second TTO Talks was an excellent evening of connecting with clients, building partnerships and providing our exceptional clients with the best service possible. At TTO Chartered Accountants, we value our people above all else; clients, partners and staff, and look forward to expanding our network and continuing our TTO Talks series in 2019.