In this ever-changing world filled with conflicting information, misinformation, disinformation, uncertainty, and risks, you need a sound long-term plan now more than ever.
Why should you bother to Plan?
To achieve your personal and unique financial goals, you need a well-planned “road map” to get you where you want to go. Being proactive and taking your financial future into your own hands is empowering and provides peace of mind in knowing you’re on the path to success and financial independence.
Planning a vacation is a much more exciting activity than planning one’s estate, and although the vacation planning may bring immediate short term satisfaction it is the estate planning which will have the most profound impact upon the rest of your life and the future of your family including your future generation!
Yes, I know that dying is definitely not a appealing subject and not one which most of us care to think about, especially when we’re young, but having a basic estate plan in place is the responsible thing to do, particularly if you have children or planning to do so. The plan will ensure that your assets are preserved and divided in the way you want them to be, and that your family and loved ones are taken care of after you’re gone, without government intervention, whether we’re rich or poor.
Without proper estate planning the children of the rich are at risk of becoming less rich and the future generation of the poor may likely get even poorer.
Intestacy
Dying intestate (which means dying without a will) can create conflict within your family and means you have less say over what you want done after you’re gone. If you don’t make a will the government will make one for you but it may not be to your liking and the financial consequences may be too devastating to your loved ones.
Making a Will
The preparation of a Will (your Last Will & Testament) is one of the first steps in Estate Planning. A Will is a document by which a Testator/Testatrix (person making the will) appoints an Executor /Executrix to administer his/her estate after his/her death and directs the manner in which property is to be distributed to the beneficiaries whom he/she specifies. A Will must conform to the Wills Act 1840 and as Amended 1979 or any other Amendments from time to time.
Funding for Estate Preservation
Having worked hard and smartly to build a worthwhile estate it is imperative that you arrange for the successful, efficient transition to your heirs. Otherwise, the baton could be dropped, turning your handiwork into a nightmare. The higher the value of your assets is the higher your Estate Duties (Transfer Tax, Stamp Duty, Executor’s fees, Legal fees). Hence substantial liquidity will be required to pass the baton to your next generation, depending on how you plan your estate. If you have little or no assets, there are creative ways to substantially increase the value of your estate at relatively minimal costs, bringing more dignity and respectability to your loved ones – even when you are gone. A good Estate Planner can show you the way! Schedule an appointment for a consultation with one today. Do not procrastinate.
Presented by: Peter A Townsend,
LLB (Hons.), CLU, ChFC.
Peter Townsend, LLB (Hons.), CLU, ChFC, Attorney-at-Law is a
Senior Associate, TWP Attorneys-at-Law, where he specializes
in Property Law and Succession Law which includes but
not limited to Real Estate matters, preparation of Wills,
Testamentary Trusts, Inter Vivos Trusts, Business succession
planning concepts such as Buy-Sell Agreements and Stock
Redemption Agreements.
Email: peter.townsend@twpattorneys.com
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