Nobody likes to think about dying, but – as Benjamin Franklin said – there are two certainties in life, death and taxes and, when we die, the two become inextricably linked.
We can’t avoid them, but we can take steps during our lifetime to leave our affairs in order for our loved ones, so that when we do die there is less burden on them; decisions have been made, tax liability has been minimised, perhaps even your funeral has been planned and paid for.
What is estate planning?
Estate planning is simply thinking ahead and taking steps to arrange for the disposals of your estate when you die. Estate planning helps not only to remove uncertainty, it is also a tool which enables you to leave the maximum amount of wealth.
Making a will and taking steps to reduce potential inheritance tax liability are just two parts of estate planning. You might also look at the option of giving part of your estate away while you are living, although this has tax implications depending on how much you ‘gift’.
ESTATE PLANNING GUIDE
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