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Estate planning is not exclusive to the wealthy or elderly. This service is for everyone irrespective of age, income, or social class.
It’s about securing your future, protecting your loved ones, and making important decisions about your assets and health, ensuring peace of mind for you and your family.
As an individual, estate planning is one of the most important steps you can take to preserve your wealth and ensure that your assets are distributed according to your wishes. Estate planning allows you to distribute your wealth, and make informed decisions on guardianship for minors, healthcare, and funeral arrangements in the event of eventuality.
Even if you don’t have several assets, an estate plan will help prevent family disputes over the distribution of your assets and ensure that your wishes are respected.
In this post, we’ll debunk the common misconceptions about Estate planning and provide clarification.
Many people think, “I’m too young to worry about estate planning—that’s something for the elderly. I’ll do that when I’m much older.” But the truth is, it’s never too early to start planning. Life is unpredictable and creating an estate plan protects you and your loved ones should the unexpected happen, like an emergency or illness. Estate planning isn’t just about what happens after you pass away—it also covers important decisions during your lifetime, for example, providing for your child’s education.
Essentially, if you’re young, you likely have assets that are important to you, like a car, savings, or sentimental items. An estate plan ensures these are taken care of according to your wishes, preventing family disputes or confusion over how your belongings should be handled.
Many people believe estate planning is only for the rich—those with large mansions and businesses to pass down. But the truth is, estate planning is important for everyone, regardless of how much (or how little) you own.
Estate planning goes beyond just money. It ensures that your belongings—big or small—go to the people you care about. It also allows you to plan for other critical matters. Many people confuse next of kin as beneficiaries but they are not the same. So it is important to make this clear in an estate plan.
Many assume that estate planning only deals with what happens after death, but it’s just as important for situations where you’re alive but unable to make decisions for yourself such as serious illness or an accident.
Some key parts of an estate plan include:
a) Who will make medical decisions for you if you’re unable to, particularly in cases like surgery, medical treatments, or emergencies.
b) Who will manage your finances if you become incapacitated, ensuring your bills are paid and your money is properly managed.
These situations can arise at any time, not just after you’re gone. By having an estate plan in place, you’re not only preparing for what happens after your death but also ensuring that you’re taken care of during your lifetime. So, estate planning isn’t just about death—it’s about having control over important decisions in life and making things easier for both you and your loved ones.
Some people believe they can manage estate planning on their own, using online forms and DIY tools that seem simple enough. However, this approach overlooks the fact that even a small mistake in estate planning can lead to significant issues for your family down the road. The expertise and guidance of a professional in estate planning cannot be overstated.
Here’s why you should consider working with a professional:
i. Personalised Advice: Everyone’s situation is unique. A professional can tailor an estate plan to fit your specific needs, whether that involves guardianship for minors, minimising taxes, or ensuring your assets are distributed to the right people according to your wishes.
ii. Avoiding Legal Mistakes: Estate planning involves complex legal documents that must be executed properly. Any error or inconsistency with the law can derail your estate plan, meaning your wishes may not be honoured.
iii. Keeping Up with Legal Changes: Estate laws are subject to change. A professional stays informed of these changes and ensures your estate plan remains valid and compliant with the latest regulations.
iv. Peace of Mind: By working with a professional like Coronation Trustees Limited, you can be rest assured that everything has been handled expertly and in accordance with the law. You’ll have confidence that your loved ones will be taken care of according to your wishes.
While DIY estate planning may seem tempting, it’s a risk you shouldn’t take. Coronation Trustees Limited, with its team of experienced trust professionals, can guide you through the process and ensure your estate plan is set up properly to meet your desires.
Start by making a list of everything you own: property, bank accounts, investments, cars, personal items, etc. Don’t forget digital assets like social media accounts or cryptocurrency.
Decide who you want to receive your assets. This could be family, friends, or charitable organisations. Make sure to update beneficiaries on things like life insurance or retirement accounts.
Estate laws can be complex and vary by state or country. Consulting a professional like Coronation Trustees will ensure your plans are legally followed and your wishes honored.
There are several estate planning instruments one can choose from, depending on your needs. These tools include:
a) Will: A will allows you to clearly state who will receive your assets and how they should be administered after you pass away. Without a will, the estate laws of your state will decide for you, which may not align with your wishes.
b) Trust: A trust helps you avoid probate (the legal process of distributing assets after death) and ensures that your assets are administered for the benefit of your beneficiaries. Trusts allow your beneficiaries to receive assets more quickly and privately. Examples include living trust, educational trust, business succession trust and charitable trust.
c) Power of Attorney: A power of attorney allows you to appoint someone you trust as your legal representative to make financial or legal decisions on your behalf if you’re unable to do so. This prevents uncertainty in cases where you become incapacitated.
d) Healthcare Directive: A healthcare directive (or living will) lets you specify your medical preferences in advance. You can outline what treatments you want or don’t want in critical situations, such as life support, and appoint someone to make healthcare decisions on your behalf if you are unable to.
If you have children under the age of 18, it’s essential to name a guardian in your will to take care of them if something were to happen to you. This ensures that your children are cared for by someone you trust and prevents the courts or family from making this critical decision on your behalf.
Life events such as marriage, divorce, the birth of children, or the death of a loved one require you to update your estate plan to reflect your current situation. Regular updates ensure that your plan remains aligned with your wishes and protects your loved ones appropriately.
In summary, estate planning is about making adequate preparations to ensure a more secure life for you and your loved ones. Whether you are young, have modest assets, or believe you don’t need help, taking the time to create a solid plan ensures your wishes are honored and your family is adequately protected, no matter what life brings.
Don’t wait until it’s too late. Start planning today to gain the peace of mind that comes with knowing your legacy is in good hands.
For personalised consultation, connect with us at trustee@coronationnt.com