Older, Wiser, in Control A Short Practical Introduction to Estate Planning
Emma Morano lives on raw eggs and cookies. At 117 years, she’s the oldest person alive.
Most people aren’t that lucky. Chances are we won’t be around long enough to call the shots on how our assets are being managed or transferred. This is why planning for the future of our kids and loved ones ahead of time is essential.
Creating a care system for our loved ones to make sure that they are taken care of in the future is the fundamental reason behind estate planning.
What is Estate Planning?
Estate Planning is the unification of your assets under a central vehicle for ease of transfer to desired beneficiaries.
Another way to look at this is it is your development of a plan that ensures your properties, money, artwork etc. (your estate) goes to the right people – just the way you want it.
Even when you are not around to put your feet to the ground, you’ll make sure your property is transferred to the person or organisation of your choice.
What’s the role of Trusts and Wills in Estate Planning?
The idea, of passing on your property exactly how you want is only one expression of estate planning – Wills
Other expressions of estate planning are trusts, powers of attorney and medical / healthcare instructions.
Trusts are legal relationships between a person or company in which another person or company (like FBN Trustees) holds the legal title to assets for the benefit of another person, called the beneficiary.
A trust protects and helps share the value of an estate with future generations.
When should you start developing an estate plan?
Short answer: now.
Long answer: the moment you begin to acquire assets.
This is important so that your objectives are clearly defined and incorporated from the outset.
Beginning an estate plan is only the first step. As your goals, desires and financial capacities evolve – and they will – it is important to review your estate plan often.
If you created an estate plan five years ago, it is crucial to start a review now as a lot of events would have occurred within those years. You may have acquired more assets or had more children. It’s important to accommodate everything in the plans for your estate.
Some estate planning services like the children education trust are useful even while you are still around to ensure your child’s education is secure.
Women should particularly consider Estate Planning.
Like Emma Morano, most women live long. Women live 5% longer than men, across every part of the world. This is in many respects, a blessing.
A woman will have to confront the aftermath of their significant other’s passing on. What better to cushion the effect of such an occurrence than having a plan to cater to the later years?
Organisations like FBN Trustees exist to help make things easier.
A member of the FBN Holdings Group, we are a team of experts who have in-depth industry knowledge, local awareness and relevant experience, having helped develop wealth transfer plans for families over several decades.
You can therefore, count on us to provide you with bespoke solutions to address your wealth transfer objectives, especially as we realise that no two individuals have exactly the same needs.
Begin today and afford your loved ones the opportunity to reach for success. Contact FBN Trustees to schedule a consultation.
