Small Biz Matters – a half hour program each week where you can work ON your business rather than IN it.
with Alexi Boyd from Boyd Office Management Services
Date: 9 April 2019
When medical, legal and government combine…. it’s a powder keg of compliance and red tape. So it’s a great time to call in the experts… your legal team. Every business should have one and today's subject reminds us why it’s so important to engage with a great solicitor who can help across a number of legal battlegrounds.
The issue of Wills is not something we often think of as small businesses but there’s a surprising number of ways NOT having a legal will can affect your business. From a direct impact on partnerships where one side is incapacitated, to the affect on your key stakeholder relationships and of course, family finance - which is ALWAYS wrapped up in small business topics.
So why should small businesses pay attention to wills? Today’s expert is David Peaston from Peaston Legal who’s passionate about empowering small businesses with great legal education and it was HE who suggested we tackle this topic.
Any legal information given in this program is general in nature and cannot be relied on by listeners as legal advice. You are advised to take your own legal advice in relation to your own circumstances.
Welcome to the show David.
Wills
Your executor is entrusted with the administration of your estate when you die.
Most important role:
Enduring Power of Attorney
Possible limitations:
Appointment of Enduring Guardian
Executors, Attorneys, Guardians
Self managed Super Funds
Your “Big 3” could become the “Big 4”.
For a lot of people including small business people superannuation is becoming a substantial part of their assets. So ensuring that your wishes concerning your superannuation death benefits are respected is of considerable importance.
Powers of the trustee
Binding death benefit nomination?
Take legal advice
Life Insurance
Maybe your “Big 4” just became the “Big 5”
Other considerations for small business people
If you have not thought those questions through an ideal time is when you make your Will.
NSW Trustee and Guardian
Remember wills are not SET and FORGET.
To find out more go to their website: https://www.peastonlegal.com.au/
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