Here is How Estate Planning Can Help You

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:

  • Identify those who will manage your assets and how your assets will be managed if you ever become unable to manage them yourself,
  • Ensure that your property will be transferred, with the barest minimal legal hurdles, to those you have specified,
  • Minimise the amount of taxes that will be paid when your assets are transferred to your beneficiaries after your death,
  • Dictate how your personal care will be managed including health care decisions, and
  • Set forth the kind of funeral arrangements you would like to have and how related expenses are to be paid.
  • 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.

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