- What assets do you actually own?
- What are your backup plans for any given scenario?
- Who are your heirs? What are their needs?
- How are you minimizing tax deductions?
- Do you have an effective will in place?
- Who is administrating your affairs?
Estate planning: Your assets
Create an inventory of everything of you own. Make sure you account for everything, otherwise it might not end up in the hands you intended it to.
Estate planning: Your backup plans
What would happen to you if you became disabled? If you were put in a coma? On life-support? Create a contingency plan for every possible scenario, and make sure it’s in your will (see Estate Planning: Your Will).
Estate Planning: Your heirs
Who are the heirs to your estate? Have you considered the best interests of every one of your children? Of your wife? All your heirs have different needs, make sure you have accounted for this.
Estate planning: Paying tax
Have you considered all the different taxes you have to pay on your estate? By law you are required to pay duties on your estate, as well as capital gains tax on certain assets. Make sure you have accounted for this, and have a strategy in place to minimize the effects thereof, otherwise you may leave your heirs with less than you thought.
Estate Planning: Your will
Do you have an effective will in place? Your will carries all your last wishes and plans. If your will is not comprehensive, you will see a lot of the above planning unravel at the last minute. Make sure you account for everything in your will to see your heirs inheriting their just deserves.
Estate Planning: Your Administration
Have you appointed an executor for your estate? Appointing someone you trust, who is also capable, is a big decision to make. Make sure your executor is capable of handling your affairs once you pass on.
Crest Trust can help you effectively plan your estate. Contact us today and we’d be happy to advise you on the best course of action.