Who could make property decisions on my behalf if I lost my marbles...

Who could make property decisions on my behalf if I lost my marbles...

Investment in commercial property either as a landlord or tenant, can be an effective way to build wealth for you and your family, however before signing a contract for purchase or entering into a lease, it's important to take stock of how your interest in that property might be dealt with, in the event of your death or incapacity.

In my view, there's not much point to expending time and money building wealth, if you haven’t thought about how that wealth and opportunity might be passed on to those who are important to you, when you have gone.

As an owner of commercial property, ask yourself some hard questions such as;

• Who should own the property when I am gone? 
• What is the best entity for me to achieve a tax effective transfer of wealth when I die? 
• Who could make decisions about the property on my behalf, if I have "lost my marbles"?

If you are a tenant of commercial property, you also need to think carefully about how your death or incapacity impacts on your lease. Just like a property owner, a tenant should try answering these questions;

• If I die or become incapacitated, how does that impact on the ongoing operation of my business?
• What rights do I or my business have to occupy these premises after my death?
• If my business gets into trouble, how will that effect my estate after my death?
  
  

Making smart investments decisions also includes making good decisions about your estate plan.  You invest time in finding the right agent and property for you, so now invest some time with your Lawyer to talk about your Will, Enduring Power of Attorney and Enduring Guardianship. Remember, you can't take it with you!



These helpful tips have been brought to you by Angus Smyth of MBT Lawyers.  

Angus Smyth Lawyer

(02) 6648 7608  |  asmyth@mbtlawyers.com.au  |  www.mbtlawyers.com.au

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