Estate Planning

ESTATE PLANNING

Often we find that clients have a belief that they have little need of estate planning. When we are given the opportunity to explore this with them, we establish what they are really referring to is a Will. The preparation or review is most significant but far and away at the tail end of your Estate Planning arrangements.

Whilst Estate Planning is often moved down the order of priorities as the immediacy of death or serious permanent disablement is considered very unlikely, not on or such a long way off that we see people giving themselves additional time.

However, it’s about planning and we think it includes establishing

Your objectives
Past, current, and future (likely) circumstances
Formulating a strategy
Implementation
Review

The broad scope of this type of planning has to take into account a lot of issues including:

Providing for Life, after death, for those that remain
A Power of Attorney and the appointment of a Guardian in the event you may not always have the capacity to make decisions about financial and lifestyle matters.
Consideration of any liabilities, current, potential or contingent.
The financial impact of assets when passed to heirs, including the impact of personal or business insurance benefit, total & permanent disability benefit and superannuation benefits.
The retention and disposal of domestic and business assets.
The implication that death or disability has with your creditors.
The treatment for dependents, minors, stepchildren and any previous relationships.

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Whilst there are many considerations, and whilst decisions are often not difficult to make establishing the certainty of outcome can be. There are the simplest of plans providing the most straight-forward of outcomes. However there are many complications that can appear or evolve along the way and as such, a plan can increase alongside the complexity of one’s situation.

We recommend that the most effective estate plan should not be static, but evolve, and suitably involve your accountant, solicitor, and your financial adviser.

ESTATE PLANNING

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