How Can Estate Planning Help?
Irrespective of your age or the size and complexity of your Estate, an Estate Plan will help you determine how to:
A lot of people erroneously believe that Estate Planning is about writing a Will. This is untrue. Though a Will can be an element of Estate Planning, Estate Planning involves financial, tax, medical and business planning. Below is a summary of Estate Planning process and how it can help you meet your goals and objectives in life.
Objectives Of An Estate Plan
Determining the objectives of an Estate Plan is the first and the most important step. You will need to identify and articulate your objectives – what should your assets be used for and for whose benefit? Specifically, Estate Planning allows you to decide who will benefit from your Estate and to what extent.
Estate Planning also ensures that your Estate will not be strained by taxes imposed on the transfer of assets upon death. In addition to providing financial security. Estate Planning also allows you to make important decisions such as appointing a guardian for minor children, choosing health care preferences and securing funeral arrangements.
