Estate planning is essential to ensure the running and execution of your estate in the event that you are incapacitated or pass away. It helps to make the lives of you, and your loved ones left behind, easier.
What is Estate Planning?
Estate Planning is the process of organising and managing a person’s assets to ensure everything is in order in case they become debilitated or pass away. It also aims to reduce any related tax burdens, and is especially important to protect and help loved ones left behind.
What makes up an Estate Plan?
An Estate Plan involves a drafted Will, looking after said Will, as well as building and maintaining Trusts. It is also the general administration conducted to ensure the planning of the estate runs smoothly. Lastly, Estate Planning includes the care of any and all beneficiaries.
The Difference between Estate Planning and a Will
Your Estate Plan is a process which covers a combination of documents and materials that help to outline, manage and organise your estate in the event that something happens to you.
A Will falls within your Estate Plan, along with other documents, such as your Trusts, agreements and tax implications. It is a legal document that outlines your assets and how you wish for them to be distributed. It also details who your beneficiaries are and who would become the carers of your minor children. Meaning, a Will forms part of your Estate Plan.
Why is it important to have an Estate Plan?
It is important to have an Estate Plan in the event that something happens to you and you become incapacitated or pass away. An Estate Plan aids in managing your assets and tax implications to help and protect loved ones left behind.
As an Estate Plan also includes the Will, it helps with the distribution and division of assets between beneficiaries, meaning that the pressure or anxiety surrounding the execution of the Will is not left to a loved one.
How can Enslins help?
Enslins has a team of highly qualified auditors, tax specialists and accountants, who are very knowledgeable when it comes to Estate Planning, Wills and tax laws. We aim to keep the Estate Planning process as simple as possible for our client, by providing answers to key questions in short summaries and by fixing the executor’s remuneration amount, in order to save you money.
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