Estate Planning - Introduction to Series - Part 1

Posted on 31 May 2012

Estate planning is not just for the elderly. It is something we all need to do. In this blog series we will explain the importance of effective and well considered estate planning and the many options available to you beyond the common ‘simple Will’.

We will focus on the main elements that you should consider when thinking about the different options available when planning your estate’s needs. Why you ask? We will explain shortly but to start with:

Question:

Do you know what the only two certainties in life are?

Answer:

Death and Taxes

The very fact that they are certainties indicates that it is important to have a plan in place to deal with them as they arise. Naturally the two are intrinsically linked and more often than not assets that form part of a person's estate will have a taxation liability attached to it. 

Questions:

  1. Who has an accountant that they see at least once a year?
  2. Who has an estate planning solicitor that they see at least once every 3 years?

Proper accounting reduces YOUR tax burden but proper estate planning will reduce the burden on YOUR family and friends and make sure that they are taken care of as you intended rather than them being troubled with numerous issues which can arise for poor or no estate planning including tax liabilities that could easily have been avoided with proper and continuous planning.

It is important to note that tax liabilities can often eat into a large portion of the estate and reduce the inheritance left for the beneficiaries.

This series is designed to help you learn the basics about each of the elements of effective estate planning and help you implement strategies and practices during your life to make the most of your hard work.

In this series we will explain the main estate planning instruments available to you. These being;

  • Wills
  • Power of Attorney
  • Enduring Guardianship
  • Binding Death Nomination Forms
  • Advance Health Care Directives 

We will cover each of these items in detail and also discuss the benefits of having a Will as opposed to not having a Will and what this means to your family when it comes time for estate administration.

Stay tuned for part 2 of this series. In the meantime, don't hesitate to contact us should you have any queries regarding your estate planning. 

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