The main objective of ESTATE PLANNING is to ensure that your personal property, your estate, whatever its size – is managed effectively during your lifetime, and that your wishes will be carried out effectively after passing away. This includes the orderly distribution of assets upon death and minimization of taxes.
Estate planning is not just needed by high-income earners. Every parent, spouse, business or professional person should have an estate plan, as should every grandparent and great-grandparent. Generally speaking, an estate plan is necessary for every person who needs/wants to create an estate, conserve assets or set out plans for the distribution of their assets as income to themselves during their lifetime, or to their spouse, children and descendants after their death.
An estate plan can help with:
- Preserving wealth by taking advantage of tax savings opportunities
- Providing and preserving savings for retirement
- Providing adequate support for dependants, conserving assets, ensuring equity in estate distribution
Broadly defined, an estate plan addresses the need for protection, control and reasonable tax treatment.