Estate Planning
For some people, financial planning is mainly concerned with how best to go about building a nest egg, and how to make it last through retirement. But for many, there is a desire to ensure their estate delivers benefits beyond their own retirement, and produces a lasting legacy even after they have passed.
Why Estate Planning is Important
If you wish to leave behind a lasting legacy, whether it’s for family and loved ones or a charitable institution, then you need to put a well-thought-out Estate Plan in place, so your legacy is established in accordance with your wishes. Without such a Plan, strangers (the State, Lawyers or individuals that may not have your best interests in mind) could determine what happens to your Estate.
If you wish to be confident that you are in control of what happens to your estate, and that your estate is handled in accordance with your directives, then having an Estate Plan is paramount.
What We Can Do For You
Our Estate Planning service includes:
- Helping you understand the importance of a will: Your will should be the cornerstone of your Estate Plan. We can help you understand why and how you should structure this document so your legal team can create a will that reflects how you want your Estate disposed. From a simple will to a Testamentary Will, or Joint Wills and Living Wills – our professionals will help you navigate through the complexities, so you are able to make informed decisions.
- Creating Powers of Attorney (POA): Whether it’s to manage specific assets, such as your investments, bank accounts or real estate holdings after your gone; or whether it’s meant to help others make health-care decisions in the event you are ill or incapacitated, you need to have a POA in place to ensure your wishes are followed.
- Choosing Executors: The Executors of your Estate are in place to act on your instructions upon your passing. We’ll help you understand the importance of choosing an executor (s) for your Estate, and what criteria you should consider when appointing someone to discharge this all-important role – especially if minor children/guardians are involved.
- Designating beneficiaries: If you don’t choose beneficiaries for your assets carefully (or not at all), your estate assets might end up in the hands of individuals that you never intended.
- Considerations for dependents needs: A well-thought-out Estate Plan is designed to ensure that all of the needs of your dependents (be they minors, adult children, siblings, persons with special needs or aging parents) are taken care of in accordance with your desires.
- Tax planning considerations (minimizing Estate taxes and reducing probate fees): Without a well-thought-out Estate Plan, a considerable part of your estate could erode through taxes, fees and other levy’s, even before your designated beneficiaries receives a cent.
- Preserving your estate: Though you might no longer be here, many of your assets – like your long-term investments, property and other tangible assets – will likely need care, preservation and management until they are finally distributed to your designated beneficiaries. In the absence of an Estate Plan, your assets will likely not receive the type and level of preservation those assets require.
- Health and welfare considerations: A comprehensive Estate Plan contains several components, including directives to your Executors and POA-holders about what to do in case your health (mental or physical) deteriorates. In the absence of those components of your Estate Plan, decisions impacting your health and welfare might be made by others; likely medical professionals or state-appointed representatives.
- Distributing your assets/legacy: Without proper Estate planning, your assets might not be distributed in line with your wishes. And because creating legally-binding wills and ensuring the Estate Plan are in sync with the Will is essential to ensure proper distribution of your estate, our professionals can support you in this endeavor.
