Estate planning is the process of putting in place plans and strategies to ensure that the wealth you have accumulated over the course of your lifetime is transferred to your beneficiaries according to your wishes and in a way that is smooth and transparent for those left behind.
An estate plan is about more than just having a will. Your will is a legal document that identifies the executor of your estate; the person responsible for ensuring that your wishes are carried out in accordance with your will, whereas an estate plan may also include tax-effective structures for the transfer of assets, powers of attorney and other provisions such as charitable donations and so on.
An estate plan is essential in avoiding potential disputes that could otherwise arise. It can also be effective in maximising the value of your estate by minimising taxes and other expenses.
To find out more about estate planning, please feel welcome to contact us.