Wanganui Rivercity Press Article
Christine Savage is a Senior Accounting Technician within our business advisory team.
If you have a particular subject you would like Christine to cover in an article contact her on csavage@silks.co.nz or
ring her on 06 345 8539.
If you are in business and your circumstances are changing (some examples are expanding your business empire, changing the ownership structure, entering into a permanent relationship, getting married or separating from your partner) you need to consider how appropriate your current will is. If you don’t have one you need to get one.
Yes, I can hear you say but don’t I discuss this with my lawyer?
Of course you do. The lawyer will draw up the will and have suggestions of what is suitable in your circumstances. All this must be taken on board & discussed with your accountant. How will the lawyer’s suggestions impact on your current circumstances? Are there any tax implications? Have all your assets been included? Could there be a better way of arranging your assets to minimise any tax implications in the future?
It is much easier to work through the issues as changes arise. You need to make sure that your accountant and lawyer are working together. Each trusted party will need to have their input into this very important document. You should also review your will annually to make sure it is up to date.
At the end of the day you want to make sure that your will reflects the outcome you want to happen when you are no longer here.
Published - 16 September 2011
