What is estate planning?
Estate planning is a process to consider alternatives for, to think through, and to set up legally effective arrangements that would meet your specific wishes if something happens to you or those you care about. Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed. On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die.
Estate planning essentially attempts to avoid a beneficiary suffering financially, reducing the risk of challenges and intra Will disputes. Estate planning reduces taxes and creditor access to assets. K.M. Splatt & Associates will be able to tailor an estate plan for your requirements. Things to look for however when planning an estate is to ensure such things as; • An administratively cheap and simple plan • A balance between assets for the provision of things necessary for life as well as enjoyment • A strategy that ensures all of your dependants as defined under the Succession Act 1981 are provided for • A strategy that ensures monies and assets are distributed in an effective manner, for example, the establishment of trusts for persons under 18 years of age.
Estate planning is a process to consider alternatives for, to think through, and to set up legally effective arrangements that meet your specific wishes if something happens to you or those you care about. Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, reduces the need for court procedures, streamlines estate administration, and includes disability planning with insurance, powers of attorney, and healthcare directives. On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property upon your disability or death. The personal side includes directions to carry out your wishes regarding health care matters, so that if you ever are unable to give the directions yourself, someone you select would do that for you. They need to know in advance when you would want them to authoriz
Estate planning is a written expression of how you want your assets to be owned, managed, and preserved during your lifetime as well as how you want those assets distributed upon your death. Estate planning can involve the use of several different documents to achieve your goals, including Powers of Attorney for property and health care, Trust Agreements, Marital Property Agreements, and a Will. These documents are explained in more detail in other FAQs. Estate planning may cover many areas including Wills, trusts, financial planning, insurance, accounting, business continuation, and estate, gift and income taxes. Often the needed skills and knowledge are available by bringing together an “Estate Planning Team”. The various members of your chosen team can then work closely with you to preserve your estate and pass it on to your heirs with the least amount of expense and aggravation. Meet the Estate Planning Team Members of the estate planning team might include: Estate Planning Attorne
