There´s more to Estate planning then just the will, so titled the New York Times (NY-Times) on the 5th September 2014. This headline leads to a double meaning, estate planning includes more than making a will. So for example names the NY-Times directives, lists of passwords to online accounts or answers to questions how the deceased wanted to be buried.
The second meaning is that estate planning is provided by multiple professions, each of them following another aim or providing you with another kind of support. Professions providing advice in the area of estate planning are solicitors, accountants, finance and insurance experts.
This introduction is providing already an overview of the complexity when going into estate planning. Death is requiring your next of kin to step into your foot steps. If you did not leave a will or any other form with instructions your next of kin are forming a group representing your estate (Succession Act 2006 No 80 (NSW)). They are your legal representatives.
This matter of fact can be an issue when distributing your estate. Starting at the point of the question of who is your next of kin, who does arrange your proper funeral and who does get which pice of your estate. This situation can lead rising costs, more time which has to be invested until different levels of conflict within your next of kin.
The second meaning is that estate planning is provided by multiple professions, each of them following another aim or providing you with another kind of support. Professions providing advice in the area of estate planning are solicitors, accountants, finance and insurance experts.
This introduction is providing already an overview of the complexity when going into estate planning. Death is requiring your next of kin to step into your foot steps. If you did not leave a will or any other form with instructions your next of kin are forming a group representing your estate (Succession Act 2006 No 80 (NSW)). They are your legal representatives.
This matter of fact can be an issue when distributing your estate. Starting at the point of the question of who is your next of kin, who does arrange your proper funeral and who does get which pice of your estate. This situation can lead rising costs, more time which has to be invested until different levels of conflict within your next of kin.
How does estate planning fit into this?
The question from the headline is, what can do estate planning for you?
It is a process of planning, planning ahead. As some of planning processes so also this is one which does not stop at a certain point. The answer of the question is, estate planning can give you the answers and provide you with the solutions which you are asking and searching.
This can start at the point on giving your family and next of kin instructions of your funeral over the answer of who will execute your instructions and will. Gifts in the form of legacies can be included, distribution of your estate and the circle of beneficiaries.
Estate planning can included further subjects such as tax reduction for your estate and beneficiaries and holding assets in your family.
Estate planning is in the first step a process which is providing a standing point first over your situation of who succeeds you with which share of your estate and secondly over your financial status quo. This part of the planning process is a key step which does not just provide both sides, the client and the advisor, with helpful informations, it is also the basis for the further process.
Based on this gathered information a first valuation is possible giving general impulses. When comparing your status quo with your given aims and wishes, a second and deeper evaluation takes place. This second evaluation is in greater detail possible and is forming the second key step of your personal estate plan.
Your estate plan
An estate plan is a personal document, personal it is because of your most private information. These informations are including your family members, status of relationships, marriage status, financial situation and your aim as also wishes.
Your personal estate plan contains a status quo, which provides an overlook with a financial statement and personal information like a family tree. Building on this status quo is the evaluation matching the current status quo with your wishes. The aim for your estate plan is to get on the point were your wishes are fulfilled.
