Estate Planning Reality Check

Many fancy words are used by professional advisors. Words like estate planning, fiduciary, intestate and testate succession, heirs, bequests, deceased estate administration etc etc. The bottom line is that death is just as much a reality as life. Ensuring that your affairs, or professionally called, your estate, is quickly and efficiently dealt with, can provide closure and an element of peace to your surviving family.

Many noble resolutions are made in the first week or two of January, but unfortunately very few are carried out and implemented. One that should be on that list every year, is to review and update your will. Your will dictates how the assets you own are disposed, after your death.

What are the factors you should consider when reviewing your will?

  • Have your circumstances and asset based changed since your last will was signed?
  • Do you know where your last original signed will is?
  • Who is your nominated Executor, and does your choice still apply?
  • Have you discussed the rate of Executor Fees to be applied to your estate by your nominated Executor?
  • Does your will and planning take into account your marital status?
  • Should you be married by ante-nuptial contract with accrual, how is any accrual claim going to be managed by your Executor?
  • Does your estate have sufficient liquidity to ensure that your heirs are taken care of?
  • Do you know if you will be liable for estate duty, and the approximate quantum thereof?
  • How have you dealt with foreign assets in your will?
  • What are the capital gains tax implications in the winding up of your estate?
  • Are there strategies you could implement, to ensure that your estate is more efficiently managed?

Schedule a meeting with an Activ8 advisor and discuss these important matters, that affect you and your family?