Justin’s Tips for Estate Planning
They say that only two things are certain in this life – death, and taxes! Justin Evans, a Director at TIB Wealth, shares with us his thoughts around Estate Planning. Whilst it may seem like a serious and scary topic, Justin breaks it down into a straightforward six point summary for us.
What is the purpose of Estate Planning and when is the right time to seek advice?
Everybody has an estate, it is a collection of everything you own. Any person over the age of 16 can have a Will drafted.
Estate planning is the process of arranging and managing your assets during your lifetime so that when you pass on, your estate is transferred in accordance with your wishes. Effective estate planning can ensure that estate duty, taxes and other costs associated with death are minimised as far as possible, and it can make extending your legacy to multiple generations easier.
The estate planning process generally starts with the drafting of your Will. Here are my 5 tips to start with your planning;
Have your Will drafted through a professional and keep it up to date
Your Will gives you the opportunity to decide what should happen to your estate assets after your death. If you pass on without a Will, the laws of intestate succession will apply
Consider a Living Will
A Living Will provides instruction around what to do if you are incapacitated, on life support and unable to communicate your wishes.
Plan for the immediate needs
Immediate needs like funeral costs and planning, may need money that your beneficiaries will not have accessible at the time
Keep the beneficiaries on your investments and policies up to date
This will ensure that your intended beneficiaries receive speedy payment of their benefits
Talk to your beneficiaries, dependants and nominees
One part is preparing a plan, but it is just as important that you share your plan with people who need to know. Make sure they are aware of who to contact and the documents they will need to produce and complete after your death.
