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Succession Planning For Your Business

Do you know what will happen to your business if one of your company’s shareholders dies or loses capacity?

Succession Planning For Your Business

If you are in a business with shareholders, your business faces a major potential threat if one of your fellow shareholders dies or becomes permanently incapacitated.

Business Succession Planning is part of modern integrated estate planning, and your interest in your business may be a substantial part of your personal net worth.  Good planning through buy/sell agreements and appropriate insurance can make all the difference. For many businesses, if no pre-existing arrangements are in place, the death of a shareholder can mean their shares in the company will go to the beneficiaries of that person’s deceased estate.

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Genders and Partners

The Dangers of DIY Probate

The Dangers of DIY Probate

In most deceased estates if you’re the executor of a Will, you will have to obtain a Grant of Probate from the Supreme Court of South Australia. This grant officially acknowledges that the Will is valid and that you have the right to carry out the administration of the estate.

The Grant is an Order of the Court which lets the world know that a particular piece of paper is the Last Will and Testament of a deceased person, which permits asset-holders like banks and share registries to transfer assets in the name of the deceased into the custody of another person (the executor named in the probated Will).

Obtaining a Grant of Probate is not a simple matter. You should get the assistance of an estate planning lawyer in Adelaide, and like do-it-yourself Will kits, DIY probate can be fraught with unforeseen complications.

What is Involved in the South Australian Probate Process?

An application for a Grant of Probate is not merely a matter of completing a form and paying a fee. Preparing a probate application is an exacting process whose complexity increases with certain types and location of assets owned by the deceased. It is not often a straightforward exercise to obtain & produce the necessary Court documents, and if every one of them isn’t completed according to stringent legal requirements, or if the Will contains any error or inaccuracy (not uncommon) or evidence of potential tampering, your application will almost certainly be requisitioned by the Court. Rectification of the issue will probably involve creation of additional affidavits and refiling of documents, costing the estate even more time and money. Far better to instruct a specialist Adelaide Wills lawyer in the first place.

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