How to Protect Your Assets

If you have interests in a company or a trust that runs a business, it is important that you receive the right estate planning advice tailored to your business.

If you own shares in a company, you should ensure a current Shareholders Agreement is in place which includes provisions as to what is to happen to your shares in the event that you pass away, or suffer total and permanent disablement.

Similarly, if you have an interest in a trust, including if you own units in the trust, you should also ensure that the trust deed outlines what is to happen with those units, or any entitlement as a beneficiary of that trust, in the event you pass away. The trust deed should include things such as who can make decisions regarding the trust if you pass away, and what happens to it.

It is also imperative to have an Enduring Power of Attorney in place in the event that you lose capacity so that someone can make important and necessary decisions in respect to your business if you are unable to do so. This is a document that enables a trusted person, who you nominate as your attorney, to make decisions in respect to finances and property on your behalf.