Estate planning is the process of anticipating and arranging for the disposal of your estate. A complete estate plan is likely to include:
- a will
- a trust (or perhaps multiple trusts);
- an enduring power of attorney;
- a living will;
consideration of whether you own your whole jointly or as a tenant in common (joint ownership results in succession by survivorship, so the other joint owner/s automatically take ownership of your share of the home. I.e. your home does not form part of your 'estate';
- consideration of the best ownership strategy for your company/shares;
- whether you own a life policy on another, or whether your trust does; and
- tax considerations.
Undertaken well, estate planning can make your death much less traumatic for your family and loved ones. Call Rennie Cox for an initial consultation on estate planning now ...