| Estate Planning |
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Traditionally, considerable emphasis has been placed on the processes of wealth creation and wealth maintenance. However until recent years, little emphasis has been placed upon wealth distribution after death. More recently, the importance of the distribution and succession of wealth to future generations has been recognised and, as a result, estate planning has emerged as an essential part of a person’s financial plan. So what is estate planning? Estate planning is all about arranging of a person’s financial affairs while they are alive to ensure that when they die, their assets will pass to the people they want as quickly, simply and tax effectively as possible. Estate planning therefore encompasses many different services including financial planning, tax planning, Will drafting and estate administration. The general aim of good estate planning should be to remove the possibility of financial hardship for the beneficiaries and to minimise family disharmony. By developing an effective estate plan you can therefore help to ensure your family has enough money for the retention and maintenance of family asset, to pay off any debts, such as the mortgage, or to provide sufficient income to meet the living expenses of any dependants. The estate plan should also allow the estate to be administered with reasonable simplicity and to ensure that the deceased’s legal personal representative is capable of making the necessary decisions in the interest of family members. |