Estate & Wealth Planning
Secure your family's future.
What is estate planning?
Estate planning is the process of anticipating how your estate will be distributed according to law in the event of your death and making arrangements so that’s it’s distributed as per your wishes.
It involves understanding the local law in each jurisdiction you hold assets (particularly the laws around intestacy & wills).
Depending on the value of your estate it will also involve planning around a potential death or inheritance tax liability which often can be reduced by actions you take now through thoughtful planning.
Typically these actions will include, writing of a will, making gifts, trust planning, business structuring & various types of insurance.
What is included in a estate plan?
An estate plan will often included various legal, financial and tax documents including:
- A will, power of attorney, letter of wishes & other legal documents with instructions on how to fulfill your wishes in the event of your death or incapacitation.
- A plan of how to minimise your existing death tax liabilities comprised of: gifting strategy, trusts, insurance or company structures.
- A financial plan to ensure that you have a balance between the life you want to live and the legacy you leave behind.
Estate planning can vary from simplistic to very complex, in complex cases often a team of professionals are required including:
- One or several lawyers depending on the complexity of your situation.
- A chartered tax accountant or private client tax lawyer.
- Trust service providers
- A financial planner.
Why is an estate plan important?
The reason an estate & wealth plan is important is because without it your spouse, children or heirs may:
- Be delayed in getting access to your assets due to lengthy time of probate.
- End up paying a significant and largely avoidable tax bill, leaving them with less than you intended.
- Be forced into selling other assets or arranging unfavourable short term debt to pay the liability.
- Not be left with as much as or any of the assets you intended as they were distributed in absence of a valid will as per local intestacy law.
When should I start planning my estate?
You can start planning your estate at any time, although it becomes progressively more difficult and your options reduce as you age.
This is due to multiple factors such as anti-avoidance rules, gifting rules & increased insurance premiums with age.
It is especially important to prioritise an estate plan if:
- You are the families main or sole “bread winner”.
- You have dependent children.
- You have an estate worth more than the inheritance or death tax nil rate band in the country where you are domiciled.
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