WMP Group

Financial Planning

Call: (08) 9368 6030

Personal Succession Planning

What is a Personal Succession Plan, and do you have one?

If you are one of a significant number of Australians without a legal will and Personal Succession Plan, take heed.

Without your will there is no guarantee your loved ones will be provided for when you die. In fact, your treasured possessions could be left to your legal next of kin or even become government property.

The consequence of dying without a legal will or effective Personal Succession Plan can create significant dramas for family members. This time is difficult enough and further grief can be avoided when engaging the services of experts.

Our Personal Succession Planning specialist, Janusz Mazurek, can guide you through the many issues faced in preparing wills, powers of attorney and other Personal Succession Planning matters.

Personal Succession Planning is about assisting you while you are alive so that in the event of your death assets will transfer to:

The people intended to benefit;

  • In the way intended
  • Promptly, and
  • Tax effectively

Effective asset protection and Personal Succession Planning ensures that the appropriate assets are with the appropriate people at the appropriate time.

Put simply, it answers the following questions:

  • Will there be enough assets to pay off your debts and care for your family?
  • Will unnecessary tax be paid?
  • Are you sure your assets will go to where you want them to?
  • Could your children receive their inheritance before they are mature enough to cope?

Importantly, Personal Succession Planning requires consideration of every asset you own and every investment you make, when your financial plan is prepared and each time it is reviewed.

Janusz and the team at Wealth Management Partners will guide you through a simple and defined process and implement an advice strategy to protect your lifestyle and Personal Succession Plan objectives.

Step 1: Clarifying your objectives

We will work with you to understand:

  • Your family.
  • What’s important to you
  • Your lifestyle objectives if you are unable to work
  • Your lifestyle objectives during your working life
  • Your legacy wishes
  • Vulnerable family members and specific needs

From this we will provide a documented assessment of your Personal Succession Planning objectives and an action plan explaining what needs to be done and what the next steps will cost.

Step 2: Implementing your plan

There are two separate roles we perform to ensure your plan is implemented and more importantly that it works.

1) Facilitation

We will liaise with, brief and co-ordinate:

  • A Personal Succession Planning lawyer for legal advice
  • Your accountant for taxation and entity advice
  • Your family

We will ensure that each of these parties are working with the right information to meet your specific requirements.

2) Financial and Product Advice

We will:

  • Develop personal recommendations and implement a strategy to suit your requirements
  • Present and explain these strategies based on what you want to achieve
  • Liaise with relevant professionals to negotiate the most appropriate and cost effective outcome for your objectives

From this you will receive a fully implemented advice strategy which protects your earning capacity and helps to ensure you are able to meet your lifestyle and Personal Succession Plan objectives.

Perth Office

129 Melville Pde, Como

Postal Address

PO Box 1408, South Perth WA 6951

P 08 9368 6030

F 08 9368 5798

E admin@wealthmp.com.au


If you would like any further information with regard to Personal Succession Planning please contact our specialist, Janusz Mazurek on (08) 9368 6030 or email janusz@wealthmp.com.au

This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax and/or legal advice prior to acting on this information.

Janusz Mazurek and Wealth Management Partners Pty Ltd ABN 74 103 533 455 are Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749, trading as Garvan Financial Planning, an Australian Financial Services Licensee which has its registered office at 105-153 Miller Street, North Sydney NSW 2060 and a member of the National Australia group of companies.

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