Why Estate Planning
Estate planning is the management of affairs to ensure all personal assets accumulated throughout a lifetime (known as the estate), are distributed to those people who the deceased would like the benefit from those assets (beneficiaries)
Estate Planning includes
- Planning elements of an estate
- Documentation of the wishes of a person for the distribution of all assets under control of that person following their death
- Distributions of those assets
Estate planning is designed to ensure smooth transition of assets and business operations after someone dies. It involves all the assets a client owns or controls. It also provides for any flow on effects for example, where the deceased was a guarantor for a loan.
Effective wealth distribution can be achieved with the assistance of a variety of professionals such as
- Solicitors: to create wills
- Insurance Advisers: to address funding issues
- Accountants: to focus on consequential tax issues.
Effective estate planning protects assets from any legal proceedings which may involve beneficiaries such as