Estate planning can ensure that you and your family not only derive maximum benefit from your assets during your life time, but also provide for the maximum transfer of wealth to the next generation. Estate planning involves planning for how an individual’s assets will be preserved, managed, and distributed after death or in the event of incapacitation. Individuals have various reasons for planning an estate providing for their surviving spouse and children, but foremost is family wealth protection for future generations. The first basic steps in estate planning are writing a will and getting your financial affairs in order.
- Achieve the ambitions you might have for your beneficiaries by analysing your personal financial position.
- Liquidity is a priority when planning for the payment of anticipated liabilities, such as executor’s fees, estate duty and capital gains tax.
- Ensure that your estate is administered efficiently
- Minimise costs and taxes that may be payable
- Ensure that the future growth of assets is not limited
- Protect your assets
Factors to consider if your financial circumstances change.
Circumstances do change so it’s important that an estate plan be reviewed if there has been any change in your lifestyle, this includes:
- Has your marriage status changed eg. Recently got married, divorced or widowed
- Has there been a joyful addition to your family like a new baby, adoption of a child or have you become a grandparent
- Potential purchase of large assets including properties, vehicles, businesses etc.
- The sale of an asset which has been bequeathed in terms of your will to an heir.
- Has there been a change in your personal or financial situation.
Changes in legislation can create a huge impact on your trust.
Appointing the right executor or executors is an important step in creating your family trust. The Accounting Team brings together legal and financial experts creating a powerful team to administer and assist with family trusts.
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