Estate Planning by Dr Edgar Paltzer
BUSINESS
ESTATE PLANNING EXPLAINED Estate planning refers to the legal process of making plans to transfer one’s assets to others after death. The sum total of assets owned comprises the estate, which includes tangible assets such as property and jewellery as well as financial assets such as savings accounts and investments.
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Aims of Estate Planning The main aim of estate planning is to ensure that your wealth and assets go to the beneficiaries you want them to following your death. Estate planning can also help to ensure that the lowest amount of taxes possible is paid on your estate, leaving more for your beneficiaries, and ensure that any minors have guardians assigned to them.
Writing a Will Part of estate planning involves writing a will, where your wishes for the distribution of your assets after your death can be laid out clearly in a legal format. This document establishes where your assets will go and in what proportions. A professional estate planner will be able to help with reviewing assets comprehensively before writing a will.
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Estate planning is part of wealth structuring. You can read more about wealth structuring for entrepreneurs by visiting the blog of Dr Edgar Paltzer.