What Is Estate Planning?
Estate Planning is a process that involves you, your family, other individuals and, in some cases, charitable organisations of your choice. It involves assets (real estate, shares, bonds, bank accounts, etc) and the various forms of ownership and titles held over those assets. Estate Planning can also be tailored to address your specific needs in the event that you are unable to take care of yourself in the future.
Estate Planning is one of the most important steps you take to ensure that your wishes, as it relates to the distribution and use of your assets, are honoured and that your loved ones are provided for in your absence. Though often overlooked or given secondary preference in favour of more immediate concerns, a comprehensive Estate Plan will help you resolve legal issues that may arise when you are no longer around.
An Estate Plan will ensure that your family’s financial needs are met and your assets are distributed in a timely and proper manner to the people or organisations which you desire to be beneficiaries. It also ensures a reduction in taxes, fees and work involved in settling up your estate. In other words, an Estate Plan is a blueprint for where you want your property to go after you pass on.
What Is An Estate?
An “Estate” includes any or all of the following