Estate planning is the process of anticipating and arranging for the disposal of an Estate. Estate planning typically attempts to eliminate uncertainties over the administration of a Probate and maximize the value of the estate by reducing Taxes and other expenses.
To provide for your loved ones in the event of your demise and to protect one’s assets. Estate planning enables one to dispose of their assets according to their wishes. An Estate Plan also enables one to put in provisions of how they wish to be taken care of in the event of illness or mental incapacitation.
A will is the legal instrument that permits a person, the testator, to make decisions on how his estate will be managed and distributed after his death.
Yes. You can amend, modify, update or even completely revoke your Will at any time, provided you have the capacity to do so and are of sound mind.
An equitable or beneficial right or title to land or other property, held for the beneficiary by another person.
If you wish to avoid the probate process entirely, and/or accomplish special goals (like controlling distribution of the assets over time, or helping a charity or a disabled relative) you can create a trust. This can be an attractive option if you have a larger estate, because probate can cost up to seven percent of the value of your estate.
While a Will only takes effect upon your demise, a Trust operates during your lifetime. You can therefore include in your Trust how you wish to be taken care of in the event of sickness or disability. A Trust also offers the family privacy as it is not subject to the probate process and it has tax advantages as compared to a Will.
Trusts can also be an attractive option if you have a large estate, because probate can cost up to 7 percent of your estate’s value.