Estate Planning

Estate Planning

Estate planning is arranging and organizing one’s assets, finances, and other affairs to ensure efficient management, distribution, and protection in the event of incapacitation or death. The primary goals of estate planning are to secure the financial well-being of the individual or their family, minimize taxes, and facilitate the smooth transfer of assets to intended beneficiaries.

Critical components of estate planning may include:

  1. **Will:** A legal document outlining how a person’s assets and property should be distributed after death. It may also designate guardians for minor children.
  2. **Trusts:** Legal arrangements allow a person (the settlor) to transfer assets to a trustee, who manages and distributes them according to the terms specified in the trust document. Trusts can provide flexibility and control over the distribution of assets.
  3. **Power of Attorney:** A document that grants someone the authority to make financial or legal decisions on behalf of the individual, especially in the event of incapacity.
  4. **Healthcare Directive or Living Will:** Specifies an individual’s preferences regarding medical treatment in case they cannot communicate or make decisions about their health.
  5. **Beneficiary Designations:** Ensuring that assets with designated beneficiaries, such as life insurance policies, retirement accounts, and bank accounts, are aligned with the individual’s wishes.
  6. **Tax Planning:** Strategies to minimize estate taxes, gift taxes, and other potential tax liabilities.
  7. **Guardianship Designation:** Appointing a legal guardian for minor children if both parents are unable to care for them. 

Estate planning is not just for the wealthy; it is relevant for anyone who wants to have control over the distribution of their assets and wishes to provide thoughtfully and efficiently for their loved ones. Consulting with legal and financial professionals can be essential to create a comprehensive estate plan tailored to individual needs and circumstances.

Our team has experience specializing in comprehensive estate planning and has assisted many high-profile individuals, families, and businesses.

Our team also specialises in protecting against elder abuse and assisting testators around mental capacity, including creating general or enduring power of attorneys, enduring guardians, and Advance Care Directives. We have helped many elderly clients implement an estate planning solution to ensure they can maintain their independence by maintaining control of their lives and ensuring that their wishes are carried out now and in the future.

Suppose a loved one’s Will is contested, or you need to contest a Will as you have been left out from receiving a benefit from an estate or have now acquired inadequate provision. In that case, our experienced team can guide you through the court process, including preparing your family provision claim. We can also assist with claims regarding the validity or construction of a Will.

Speak to Us About Our Wills and Estates Services. Call