Estate planning is an ongoing process and should be started as soon as one has any measurable asset base. As life progresses and goals shift, the estate plan should move to be in line with new goals. Lack of adequate estate planning can cause undue financial burdens to loved ones, so at the very least a Will should be set up even if the taxable estate is not large.
Your estate plan articulates your wishes in the event of your death and determines a strategy to provide your family with funds in a tax effective manner and with asset protection as a priority.
One thing everyone can agree on is that no single party can put an estate plan into place - it is very much a collaborative discipline. The financial planner's job is to try and identify if the estate plan is funded properly, and if it is funded that the insurance is owned by the right person; the accountant's job is to make sure that the client's affairs are structured appropriately from a tax point of view; and the solicitor's job is to make sure the documentation is all drawn up.
Our aim is to work with your accountant and solicitor to help you arrange to get the right assets, to the right people, at the right time.
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