Business Succession Plans
Having business succession plans in place is essential, especially in case of a defined event. This type of situation refers to retirement, termination, death and disability of key employees which could affect your business. Consult a experienced estates legal team to ensure your organisation is sufficiently prepared should the worst happen.
Business structuring and restructuring:
If your business requires restructuring following a defined event relating to staff who are intrinsic to your organisation, seek expert legal advice to ensure your company is reorganised in the most efficient way, conducive to your business needs.
Trusts including testamentary trusts:
The Trusts Act 1973 is one legislative document which governs the role and requirements of trusts in the state of Queensland. Appoint a lawyer to help you understand this area of jurisdiction and how it may affect succession planning.
Advanced Health Directives:
If you or another key employee suffers an accident, injury or similar event and can no longer make decisions, consider an Advanced Health Directive. Work with a lawyer to draw up a formal agreement which can appoint an attorney to act on the individual’s behalf, safeguarding your business.
Enduring Powers of Attorney:
A legal document which stipulates that another person can make decisions regarding your health and personal matters in your place requires a lawyer. If you’re considering appointing someone with enduring powers of attorney, be sure to seek specialist legal assistance to advise you in the options that are best for you and your business.
Estate administration:
WGC lawyers can help you arrange grant of probate, property transferals and selling debts among other estate administration issues following the death of a partner, shareholder or other key member of your business.
Estate disputes:
If there is an issue regarding a dispute or contest of an estate, consulting appropriate legal specialists can be crucial in determining that wills and other legally binding documents are upheld.
Interpretation of the Succession Act:
The Succession Act 1981 is an important piece of legislation which governs estates in Queensland. Obtain advice from a dedicated team of lawyers to ensure you understand this essential and often complicated area of the law.
Power of Attorney:
General power of attorney refers to the legal process of appointing another individual to make decisions on your behalf during a defined period of time and while you still have decision-making capabilities too. Seek legal advice to ensure you understand the options and consequences of this procedure.
Superannuation (including Self Managed Superannuation Funds):
Following the retirement of key members of a company, effective succession planning is likely to include considering the regulations surrounding superannuation, such as when and how to pay out the funds as well as where assets are stored. For further help in this complex area of the law, WGC lawyers can provide expert assistance.
Wills:
Creating and carrying out a will can be a stressful time. Appoint a lawyer to help you understand the terms set out in your will and how these may affect your business or other operations.
Shareholders agreements:
If a defined event should occur which involves a shareholder or other key party, having a shareholders agreement in place – and consequently following this document – is imperative. Work with an estates lawyer to ensure you understand the legal implications of this type of important document.
Partnership agreements:
The Partnership Act 1981 is the law which governs the registration, liability and responsibilities of partners in limited companies. Be sure to consult a lawyer to help you understand this legislation which is central to this area of business when making succession plans.
For business succession legal expertise please contact our team of lawyers