Estate planning

Estate planning is important for family businesses as it ensures loved ones are taken care in the event that a key family member can no longer run the business operations.

According to the Grant Thornton Family Business Survey, only 34 per cent of family business with a succession plan have an aligned estate plan. In family businesses, it’s crucial to align your succession and estate plan to ensure continuity, stability, minimising conflicts, protecting the business and preserving harmony within the family. The use of trusts and self-managed superannuation funds – commonly used – add complexity as the assets are not incorporated in your wills. After years of generating wealth in your family business, the dream of financially setting up your family could vanish without proper communication and planning.

With an ageing population, it is more important than ever for families to discuss these topics. Our team at Grant Thornton is made up of accredited specialist advisers who understand family dynamics can be challenging. We can assist families in creating alignment between their Estate and Succession Plan to ensure synergy and family harmony for generations to come. Our program ensures we understand your vision for the future and how you would like your assets to transition to the next generation. Our role is to assist with these conversations to make it easier on the family. We ensure the plan for your family business is documented, so your solicitor receives a summary of the full group structure and the entities that need to be addressed in your Estate Plan.

The consultation process