Protect the Control of Your Companies with a Successor Director
Recently we’ve been focusing on asset protection and estate planning for all of our clients. A key part of that is to ensure that you maintain control of any companies you are a Director of if you are incapacitated in any way, or if you die.
For example, if you are the sole director of any companies, is is important to put documents in place to nominate a successor director. This will ensure your companies can continue to operate and your family can maintain control of these companies.
If you are a director in a multi-director company, again, you need to put documents into place to maintain your family ‘vote’. This will ensure that the other directors can’t make decisions that are prejudiced against your family. Read on below for more of an explanation on how we can help you and why you will be better off with our recommendations.
VALUE TO YOU
Our work for you ensures that if you are incapacitated or die, then instantly your successor director is legally allowed to take your place as a director of any companies you have nominated in the documents that we will create for you. This ensures the protection of control over the assets in all your companies and your trusts which have trustee companies.
To create a successor director solution for your companies, we will:
- Review the Constitutions of companies
- If required, prepare updated Constitutions that specifically allow for successor directors
- Prepare a Resolution of Directors to allow for the appointment of a successor director
- Prepare an Enduring Power of Attorney (EPOA) for you to tie in with the Resolution of Directors
Our price for this work is just a very small percentage of the value of the equity that will be protected in your companies.
Simply contact us confirming that you are happy for us to start this work for you. Please feel free to phone or email us if you have any further questions about this recommendation. We look forward to receiving your instructions to assist you with a successor director solution.
Part 2 of the Successor Director System blog series. Read Part 1 – Why You Should Update Your Old Company Constitution here.