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Trusts & Wills

 

Trusts & Wills

Your last will and testament is one of the most important documents you will ever sign during your lifetime. Your will is an essential part of estate planning as it stipulates how you want your assets dealt with upon your death.

Your estate refers to everything you own and owe, from property and cars to investments and debts. Proper estate planning will ensure that your estate is set up in a tax-efficient way that benefits you during your lifetime and your beneficiaries after you die.

A properly structured estate ensures that:

    There is enough cash to pay outstanding debts.
    There is an income (and capital if required) for your dependants.
    The estate is distributed according to your wishes.
    Your business interests are protected.
    Taxes are minimised (e.g. estate duty and income tax).

As it is a crucial area of financial planning, it is worth getting professional advice if you are drawing up a Will. If you do not have a valid Will, you die intestate and the laws of intestate succession apply. In other words, the law of the land designates beneficiaries according to specific kinship.

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