​Do you ever wonder if you’ve got the right things in place to safeguard your family and your business? Or whether what you’ve already got in place will actually do the job you want? It can be easy to put this in the ‘too hard’ basket … you might not know what to do, how to do it, or who to go to for the right advice.

There are many aspects to consider and it can seem confusing. But don’t wait until it becomes urgent, or it’s too late. The cost of inadequate or non-existent planning could be devastating. Some might include the IRD deeming your Trust a sham. Or the exposure of all your assets. Or a former spouse targeting your business.  The list of consequences is long. Why take the risk if you can fix it now?

There are some key steps to follow to get the right things in place for your business and personal affairs:

1. Build a Strong Foundation

Like building a house – a shaky foundation will put everything at risk. The foundation for your structures is the same. Make sure this is strong, and you have a basis for success.

It must fit you, match your lifestyle and your circumstances and provide benefits to suit you. So you’ll have to know what your personal and business objectives. Be clear on your priorities and values.

2. Establish Your Direction

With a firm foundation in place, you can establish your direction. You’ll want to make sure that outside concerns match your direction … rather than bending your structures to fit with outside concerns.

3. Assess What You Need

Identify all the things you need to put in place. These can include –

  • Trust(s)
  • Will(s)
  • Power of Attorney(s)
  • Property relationship agreement (where applicable)
  • Cash flow paths
  • Taxation structures and levels

4. Form The Entities

Now you can start preparing and executing the documents. You might have to register some for tax purposes. Others will need opening minutes, declarations of trust etc.

5. Establish The Cash Flow Streams

Make sure your money flows through your structures in the right way. Your cashflow streams should be simple and need minimal administration. This makes them easy to follow and maintain. Sending money through the wrong channels could jeopardise the safety of your wealth. It could also put the stability of your structures at risk.

6. Establish The Documentation Systems

Incorrect documentation (or no documentation) will also put your structures at risk. It’s critical to prepare and execute your documents in the right way. Know what documents to prepare; when to prepare them; and where to record them.

7. Review Your Affairs

Time moves fast. Life is busy. Circumstances change. All manner of things will occur that you cannot foresee. This is why it’s imperative you review your structures regularly. Make sure they are still doing what you want them to.

This can sound overwhelming. Where do you start and who do you go to for the right advice? It helps to have someone independent alongside you who knows what they’re doing and can guide you. It should be someone who is only concerned about what’s in your best interests – not their own or anyone else’s!


Read our Free Special Report:  Are You Using These 7 Key Steps To Planning Your Wealth?

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