Estate Planning - Estate Planning Estate planning aims to...

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Estate Planning Estate planning aims to: Ensure that assets are protected and passed to beneficiaries according to the wish of the client after death Minimise tax liabilities during that process and in the hands of the beneficiaries Important note: Financial advisors need to stay within the limits of the financial advice license (i.e. unless you are qualified in other areas, you cannot provide other services and be paid for it!) Estate planning typically involves: Legal practitioner for necessary documentation and legal advice Accountant or taxation advisor for day-to-day taxation and accounting issues Estate planning process 1. Identify and prioritise the client’s objectives Succession of control, management, ownership and asset protection (from creditors, themselves and other family members) 2. Assess current and likely future circumstances Health of the client, family members 3. Make sure that there is enough fund to meet objectives Consider types of ownership Estate assets VS Non-estate assets 4. Assess options and identify obstacles 5. Formulate the strategy Preparing a will Appoint executor & trustee
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