What is Estate Planning?
For the living: Making sure that you have people around you in difficult times that really care about you, that are legally appointed to ensure you have the best quality of life continuing and can still provide income for yourself and family.
For the deceased: You’ve made sure you have protected those you love and care about. You have provided for them into the future while simultaneously ensuring that your loved ones have no debt and are left a legacy of freehold assets.
The Key areas of advice in Estate Planning are in relation to Personal Wills, Powers of Attorney, Enduring Powers of Attorney, a Family (Discretionary) Trust.
Your Personal Will instructs the distribution of your assets and your personal requests after Death. To carry out your instructions you select a Power of Attorney appointed to act as your Executor to your Estate.
Your Enduring Power of Attorney (EPA) is an appointed person who acts in your best interests in the event you are unable to act on your own behalf. The person selected for this role would be chosen based on a loving relationship and can manage your assets and care to the best quality of life standards depending on financial resources available, as long as required.
Your Family Trust provides the option of holding your assets at ‘Arms Length’ under a separate ownership entity protecting them from the general environment in relation to business difficulties, your assets being claimed by the Government to support health, nursing or age care at a later date and tax effective retention of assets and distribution of incomes along with a number of other uses.
A strong and well documented Estate Plan is the foundation of good asset management and family protection.