Estate Planning should be an important part of your Retirement Plans.
A peaceful retirement is the ultimate dream. Having estate planning as part of your retirement plans is important. It is not just about having a will.
Estate Planning is a strategy which includes advising clients on the best way of structuring their wills. It also includes having a enduring powers of attorney. Other documents which provide asset protection and tax planning opportunities are also important.
What a dream job to have. Trudy Jardine works for Equity Trustees specialising in Estate Planning and she enjoys what she does. She looks at an individual’s case, listens to the client’s main concerns and then offers them with the best advice. The most satisfying part of her entire career has been the fact that she can assist clients to do the best the law allows to protect their assets for their loved ones.
Trudy talks to Ann Nelson on the importance of Estate Planning as part of your Retirement Plans. It is vital to haves ones estate protected. There shouldn’t be any excuse for not protecting ones estate.
It should be noted that having a Will drawn up is for everyone.
It is expected of any individual above 18 years to start seeking advice about a Will. Parents should be encouraging their children to have a Will, otherwise, the ‘intestacy rules’ would apply.
An independent trustee company can serve as an executor, but in some cases, it’s also good to appoint a spouse. Too many executors can be a problem as there are many documents to deal with. There is no specific way to which assets can be well protected for easy administration of the executor as every case is different. Every person has the ability to seek specialist advice in relation to their specific situation.
The duties and responsibilities of an Executor include:-
(a) Bury the body (or make sure disposal of the body is properly and promptly carried out).
(b) Find out the possessions of the deceased.
(c) Find out what the deceased owed.
(d) Distribute or deal with the estate according to the Will.
Addressing hypothetical of what clients may see as “unforeseen circumstances” is also part of the an estate planners job.
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