Estate planning is the process of legally structuring the future disposition of current and projected assets
Estate planning is a process that involves you, your family, other individuals and in some cases charitable organisations of your choice. It includes assets such as property, shares, bonds, life insurance policies, bank accounts and personal property such as vehicles, artwork and jewellery. Estate planning can also be tailored to address your specific needs in the event that you are unable to take care of yourself in the future.
Irrespective of your financial status, it is important for you to have a basic estate plan in place as it serves as a blue print for how your assets will be distributed. When it comes to making sure your loved ones are provided for in your absence, estate planning is one of the most important steps you can take.
Durable Power of Attorney
An essential part of estate planning is Durable Power of Attorney, a legal document which allows another person to manage your financial affairs if you are unable to. This may not only refer to incapacity or death, but can include times when you are away or unable to attend to matters personally. A Durable Power of Attorney allows another person to make financial decisions and ensure your affairs are properly managed in your absence.
A will is one of the means to ensure that your estate is distributed according to your wishes. Consider it a necessity – especially if you have children, more than one marriage, or a large number of dependents.