Estate Planning

This is one of the biggest plans of all. One of the longest lasting you will make.

This is where you leave your legacy. Or not.

The decisions for how you will leave your estate, and who to, are often complex and involved.

There are usually family dynamics to consider.

They can be complex just on their own!

But that doesn’t mean don’t think them through. Or consider them deeply.

There are estates we have seen which are simple and straightforward, even though there was significant money involved.

Then there are others we have seen which are quite complex, (in fact, needlessly so) where the funds involved were not so great.

But at the heart of estate planning is this…. your wishes.

That is the starting point around which all of the plan needs to be built.

What is it you wish for your estate?

How do you want it to be handled, managed and distributed?

Once these initial questions are answered, we can then move on to the detail.

As the matters quickly become legal, any plans we make will need to be validated at the legal level.

Any wills drawn up need to be done by a legal practitioner.

So the role of the accountant becomes one of considering the financial and tax considerations of the estate.

This is where we come in and add our expertise.

We typically see that there are tax consequences surrounding many of the decisions that are made.

There are ways of setting structures in place, in the most appropriate manner, to mitigate much of the risk around these areas.

But the essential element is this…things need to be set in place while one is capable and of sound mind.

The best plan to be put together is one which is thought through carefully, with as many factors considered as possible.

The time spent in planning, before it is too late, is well worth it.

If you’d like to talk through the issues involved in planning your estate, feel free to contact me to discuss.

Peter