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Estate Planning

Building your wealth is one thing.

Protecting it so that it can be passed on to your loved ones and thus fulfilling your legacy is quite another.

You have a right to protect your assets whilst you are alive and you have a right to decide what happens to your estate when you die. So whether your legacy is to provide income for a spouse, educating your children or leaving money to your favorite charity, there is peace of mind and security knowing that your assets are going to be efficiently distributed as per your wishes.

After working a lifetime to build your wealth, it’s natural to want two things:

1. the right to determine what happens to your assets, and

2. the right to protect them from unnecessary taxes.

An estate plan that considers both the acquisition and distribution strategy of your assets is a logical extension to financial planning and will form an important part of your long term wealth management strategy.

The components of an estate plan will vary according to your personal circumstances. But every estate plan has the same aim:

to ensure your wealth is managed, protected and transferred
according to your wishes and that it is done so in a tax effective and
financially efficient way.

Whilst having a properly documented Will is often a good start in dealing with the distribution of your personal assets, a comprehensive and strategic approach to estate planning further ensures that those assets will be passed onto your nominated beneficiaries in a manner that reflects your personal values and objectives.
Estate planning enables you to:

  • ensure that your assets are protected both during your lifetime and as they move from one generation to the next;
  • provide for your loved ones (in particular those with special needs);
  • ensure that your children’s inheritance receives enhanced protection from creditors and/or future relationship breakdowns;
  • obtain professional tax, legal and wealth management advice on how best to protect your assets and to gain taxation efficiencies;
  • have your wishes and desires recorded in a legally valid and binding document that is free from ambiguity and minimising disputes amongst beneficiaries as a result;
  • have peace of mind knowing that your affairs will be professionally managed should you have an accident or suffer from an illness or incapacity;
  • tailor your estate planning requirements to meet your personal requirements no matter how straightforward or how complex those requirements may be.

An Equiti lawyer can help you to establish the most appropriate structure for you and to then prepare the documentation required to help you achieve your objectives.

This means that your Equiti adviser is able to develop a tailored estate planning strategy that ensures the smooth transition of your assets to your beneficiaries and that it is accomplished in a way that offers maximum asset protection and minimum taxation liability.

You estate planning services may include the design, preparation and execution of:

  • Wills, Trusts;
  • Powers of Attorney, Enduring Powers of Attorney
  • Life Interests,
  • Declarations of Life;
  • Letters of Instruction
  • A Discretionary Testamentary Trust which can:
    • minimise the effects of capital gains tax
    • distribute your estate to your beneficiaries in a tax efficient manner
    • minimise the possibility of challenges to your Will
    • avoid family disputes and costly litigation
    • protect your estate from claims arising from the divorce or bankruptcy of your children
    • protect your assets against creditors

Timely advice from your financial adviser, your taxation expert and your estate lawyer is important. Having all three professionals on the one team working together to help you create your legacy is invaluable.