Why plan your succession?
You may wonder why you should take time to plan your succession while everything is already covered by law. Indeed, the distribution of your estate after your passing is prescribed by the law, but it might not reflect your wishes (or, maybe, those of your heirs). And that is essential! You might wish to give a larger part of your estate to a child that encounters difficulties? Or have one of your friends inherit? Have your grandchildren inherit directly? The very diverse family situations, be they very simple or very complex, may all make people think about planning their succession.
Moreover, even if those should not be the elements driving your decision, planning your succession allows you to avoid some taxes, the inheritance taxes or to prevent conflicts between your heirs by imposing your decisions while you are alive. In short, planning your succession allows you to “hold the balance of power”.
How can I plan my succession?
There are numerous tools that can help you plan your succession and it is not always easy to find your way among them. Furthermore, their use differs depending on your situation, your estate or your wishes. Among the most popular tools, you will find:
- The will, the traditional tool: you can write it yourself (or with the help of a Morning Blue expert) and, if needed, revoke it easily. It will allow you to determine more or less specifically what will happen to your assets after your passing;
- The donation, one of the most used tools: it is tax efficient and it allows you to bequeath parts of your estate while you are alive and to keep those assets under your control;
- Your marriage agreement, a tool that we tend to forget: you can actually use your marriage agreement to specify the rights that your partner may have on your assets via a specific provision;
- The inheritance agreement, the most transparent tool: an inheritance agreement is a form of agreement with your heirs regarding your inheritance;
- The “extrajudicial protection”, the new topical tool: this tool allows you to designate a representative that will be able to act on your behalf if you ever were incapacitated. This representative can take decisions regarding your estate, yourself or your succession.
As you can see, there are a lot of possibilities. If you want to obtain more information regarding those tools, you can contact the Morning Blue experts, who will do their best to find the optimal solution with and for you.