Estate Planning is simply deciding how you want your assets distributed after you die, or become unable to make your own financial decisions. Estate planning is the process of anticipating and arranging, during a person’s life, for the disposal of their estate. Estate planning can be used to eliminate uncertainties over the administration of a probate and to maximize the value of the estate by reducing taxes and other expenses.
Estate Planning can be complicated, so it is best to consult a financial advisor and a lawyer when drawing up your estate plan.
Estate Planning helps you to arrange your affairs efficiently so that taxes take away as little as possible from your Estate.
Estate Planning allows you to name the people to whom you wish to give your assets – and your wishes will be legally binding.
Estate Planning gives you the peace of mind knowing that your financial affairs are in order, so you won’t leave behind what could be a costly administrative nightmare to your loved ones.
It is important to have at minimum, a basic Estate Plan in place regardless of your net worth.