Estate (or more accurately) Personal Succession Planning is the act of planning for “what will happen to what you have when you are no longer here”. Life shouldn’t be about worrying about unfortunate things happening to us, so we believe that serious consideration should be given to the “what will happen” question and plans should be drawn up to deal with this eventuality so that you can stop worrying and start living, secure in the knowledge that you have dealt with things.
You may or may not have financial dependents that need to be provided for. You may wish to provide for specific people be they family or others or even charitable organisations. You may also wish for certain people not to be entitled to your assets. You will need to consider issues such as which of your assets will form part of your estate and which will not and you may need to make provision for each of these to be passed on in a way that meets your wishes. Your home, your life insurance cover and your retirement funds may not form part of your estate depending on how your affairs are structured. Consideration should be given to how they can be directed outside of your estate or put in your estate so that they form part of your estate assets and can be dealt with in a Will.
Various provisions can be made in your Will to protect the assets intended for certain beneficiaries, such as minor children or grandchildren, and be overseen by a trustee. Your retirement funds can often be paid as a lump sum to beneficiaries but it may be preferable for them to receive a pension income stream instead.
We can discuss all these issues with you, manage the process of seeking legal advice and having legal documentation drawn up by a team of specialist lawyers who have been chosen for their experience and cost-effective services.