Assets and Distribution
  • May 12, 2023
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Reel Life meets Real Life: What We Can Learn from The Hit Show “Succession”

Are you a fan of Succession? You may be surprised to know that estate planning is essential for everyone.

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Estate Planning for Everyone: Lessons from Succession and How WillWize Can Help

Are you a fan of Succession? Do you enjoy watching the wealthy and powerful grapple over who inherits the biggest share of the empire? While the show might focus on the elite, estate planning isn’t just for billionaires—it’s an essential step for everyone. Fortunately, creating a solid estate plan doesn’t have to involve lawyers on speed dial or dramatic family feuds. With WillWize, estate planning becomes straightforward, accessible, and stress-free. Let’s explore some lessons from Succession and how they relate to your estate planning journey.

The Importance of a Will

One of the most fundamental aspects of estate planning is deciding who will inherit your assets. In Succession, Logan Roy, the family patriarch, lacks a clear Will, creating chaos and conflict among his children as they vie for control of the family business. Similarly, many Australians do not have a Will or estate plan, which can lead to disputes and uncertainty among heirs. You may not own a media empire, but it’s likely you have assets such as a home, a car, investments, or sentimental items you’d like to leave to your loved ones. A Will ensures your wishes are respected and provides clarity for your family during a difficult time. Estate planning also allows you to go beyond asset distribution. Perhaps you want to donate to a charity, or assign a Guardian to care for your children should something happen to both parents. Whatever your goals, WillWize helps you craft a plan that aligns with your wishes and values.

Trusts and Asset Protection

In Succession, trusts are used by the Roy family to protect their wealth and influence over the family business. Trusts aren’t just for the super-rich; they’re valuable tools for everyday Australians too. A trust is a legal arrangement where a trustee manages assets on behalf of beneficiaries. Trusts can:

  • Protect assets from creditors

  • Minimise taxes

  • Provide long-term financial management for beneficiaries

WillWize offers estate planning tools, including trusts, that can be tailored to your specific needs. By using a trust, you can secure your assets and ensure they’re used according to your wishes, even after you’re gone.

Managing Family Dynamics

Succession is famous for its portrayal of complex family dynamics, where wealth and power often fuel conflict. While the show’s drama is exaggerated, many Australian families face inheritance disputes, sibling tensions, or issues with in-laws when dividing assets. Estate planning can help address these challenges by establishing clear guidelines for asset distribution and reducing the potential for conflict. WillWize’s platform encourages collaboration by allowing you to involve your loved ones in the planning process. Open communication fosters understanding and ensures your plan reflects your wishes while mitigating future disputes.

Considering Taxes in Estate Planning

Succession also touches on the tax implications of wealth transfers. Similarly, Australians need to account for taxes such as estate tax, gift tax, or capital gains tax when planning their estates. Without careful tax planning, these obligations can significantly reduce the value of your estate. WillWize provides access to experienced estate planners who understand the nuances of Australian tax law. With over 50 years of combined expertise, our team helps you develop strategies to minimise tax liabilities and maximise the inheritance passed on to your loved ones.

Digital Estate Planning

In the digital age, estate planning extends beyond physical assets. In Succession, the Roy family’s media empire highlights the importance of managing digital legacies. Today, Australians often have digital assets such as social media accounts, email, digital wallets, and online banking profiles that require specific instructions. WillWize’s digital estate planning tools allow you to specify how your digital assets should be handled. From transferring ownership to ensuring accounts are securely closed, WillWize helps protect and preserve your digital legacy.

The Bottom Line

Estate planning might seem overwhelming, but it’s a critical step in securing your future and protecting your loved ones. While Succession dramatizes the consequences of poor estate planning, the reality is that everyday individuals also benefit greatly from having a clear plan in place. With WillWize, estate planning is simple, accessible, and effective. Whether you have a handful of sentimental possessions or a portfolio of significant assets, WillWize ensures your plan reflects your wishes. From specifying who inherits your assets to managing your digital legacy, we’ve got you covered. Don’t wait until it’s too late. Start planning for your future today with WillWize. By creating a comprehensive estate plan, you’ll provide peace of mind for yourself and your loved ones, ensuring your legacy lives on for generations. And who knows? Your story might inspire a hit TV show—without the drama and backstabbing, of course.