WILLS & ESTATES
WHAT IS ESTATE PLANNING?
Estate planning refers to the process of arranging, managing and dispositioning a testator’s affairs in such a manner that it optimizes their aspirations, whilst at the same time, benefitting the respective beneficiaries to such a degree that estate duty and donations tax is minimised, whilst adequately protecting the testator’s assets against any unwanted creditors.
It is vital to start with estate planning as soon as possible, as it is easier to develop an estate plan in accordance with the testator’s wishes when there are as little as possible assets. By starting at an early age, one can ensure that an estate plan is put into place to not only guide a testator in terms of acquisitions, but it can also be beneficial for minimising donations tax and transfer duty.
Estate planning, however, should not be considered to be the same concept as tax planning. Although tax planning is deemed to be one of estate planning’s objectives, estate planning is a process that suit various fields of a testator’s needs.
INSIST ON DEALING WITH EXPERIENCED ESTATE PLANNING ATTORNEYS
Estate planning provides for a structure to ensure that the testator’s heirs are provided for in the best possible way, by not only taking the financial aspects into account, but also the emotional and social components thereof, such as guardianship and setting up special trusts in respect of children who have special needs.
At this stage, you might wonder why you need an estate plan as you already have a will. Well, both are useful estate planning devices that serve different purposes. They can work together to create a complete estate plan, seeing as the will sets out the provisions wherein the estate plan functions.
At Burger Huyser attorneys our estate planning attorneys will identity each testator’s unique needs and ensure that an estate plan is set into place, either by utilizing a trust, short or long term insurance as well as provide you with a variety of options in terms of investments to assist your respective financial, and familial needs.