General information about estate planning

Advance planning, good advice, and the proper assembly of important documents will all ensure that your estate is handled as easily as possible. The following issues should be considered when developing a thorough estate plan:

• asset protection
• probate avoidance
• avoidance, minimisation and deferral of tax liabilities
• planning for illness or incapacity
• selection of guardians, personal representatives and other fiduciaries
• formation of family limited partnerships and other business entities
• succession strategies for family businesses.

A good estate plan should take into account both your personal and financial goals. For example, some families may need a trust to manage and distribute assets to minor children.

All assets of any value should be considered when developing an estate plan, including real estate, business and farm interests, investments, retirement plans, life insurance proceeds, personal property, art or other collections, cash and personal effects.

Your estate plan will be formulated by taking into consideration the fair market value of your assets, how you own them legally, their growth potential, their liquidity, and what assets should be passed to specific individuals.

Your estate plan will provide you with the comfort of knowing that your wishes will be carried out should anything happen to you in the future. This benefits not only you, but also your family members, who otherwise may face the burden of making choices for you without your input.