Planning ahead is the best way to assure, protect
and manage your estate upon your demise. You have worked your whole life
to accumulate the property that you own. Who do you want to decide regarding
how your life’s work will be distributed when you are gone?
Inheritance Issue:
·
Estate planning is the difference between assets
and liabilities, to be inherited by legal heir(s)
·
It ensures that an estate is distributed or used
for a purpose in the way you want
·
Without plan, an estate is passed on according
to religion-based succession laws
·
It should be an integral part of financial
planning
·
Many shun it as the value of their assets is not
sizeable but that is no factor
Why Estate Planning?
Estate planning is about life – in the present
and in the future. Most importantly, estate planning is about the life of your
family, your loved ones and the peace of mind you get from helping to provide
for their financial security. A well-prepared estate plan will also help
uncover alternative solutions you hadn't considered or didn't know were
available.
Whether your estate is of large or modest value,
your estate plan should be part of your total financial strategy and based on
solid financial planning principles. In its essence, estate planning addresses
the establishment or continuation of a tradition, one that involves the
accumulation, conservation and distribution of assets in a tax-efficient
manner. It requires a complex interaction of various disciplines and laws.
Estate planning involves all assets left behind
after death, from a house and everything in it to savings and investments. Estate planning means planning what happens to all of your assets when you die, and
what happens to you if you become incapacitated. Most estate plans include
- a will
- an assignment of power of attorney
- a health care proxy
- a trust, possibly
