Where you are “at” in life, will determine your strategic plan for your estate, and which techniques to use in order to implement in the plan. An estate planner may be single, married, divorced, or separated. You may have minor children or adult children. You may be married for a second or third time, with children from previous marriages. You may own assets with a strong growth potential.

Each plan will be unique and structured according to an estate planner’s own unique set of circumstances, goals and objectives, and reviewed regularly to take account of personal and legislative changes.

Who should be involved?

The estate planner should work together with an estate planning team, which, depending on the complexity of the estate, can comprise of a set of professionals, including your financial planner. The professional team should assist the estate planner with developing and reviewing their estate goals, providing direction on various strategies and tactics, performing cost-benefit analyses, providing advice on the tax implications of various strategies and tactics, and liaising with other professionals on the estate planning team. The team may assist with drawing up legal documents such as the Last Will and Testament and an inter vivos trust deed. The plan may assist with ensuring the estate is liquid and with tax planning. Family members, more specifically, a spouse should also form part of the team, especially where more complex plans are contemplated.

‘What If’ File

It is just as important to organise one’s personal information and documents into a filing system that is logical and easy to access in case of an emergency. This will help your loved ones by reducing the stress involved in obtaining the required information to do what is necessary. For your assistance we have attached a ‘What If’ checklist, to assist you with putting together you own personalised ‘What If’ file. You can view and download the ‘What If’ checklist here.

Should you require any assistance with your Estate Planning, please do not hesitate to contact us.

Article by: The Independent Wealth Managers Team