Create an Estate Plan | What you need know.

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First ask yourself: What is the worst that can happen? Then prepare to accept it. Then proceed to improve on the worst. Dale Carnegie.

Are you aware of the impact CGT will have on your estate?

This is just one of the expenses your estate will have to pay BEFORE your heirs receive anything!

Very few people have more than a vague idea of the actual size of their estates.
As the years pass, they build up their assets and provide for their families, but no proper arrangements are made to see that the right people benefit and that the family does not suffer financially, when something happens.

An ESTATE PLAN addresses the cumulative effect of all the expenses due on your death.

The hidden costs of dying.

Even if no estate duty is levied, CGT - bond settlement - rates - death-bed costs - transfer costs - executor and administration fees - funeral costs and Master's fees are some costs that your estate must meet.
In addition, income tax - debts - overdrafts - credit cards - HP and lease - and security cession upgrading costs may arise.
All before your heirs receive a cent! HAS YOUR ESTATE ENOUGH MONEY TO MEET THESE COSTS?

Estate Planning Objectives.

ESTATE PLANNING is often confused with death planning. However, estate planning is about:

Living and enjoying the benefits of the wealth you are building up in your estate;
Knowing that you are protecting your wealth against inflation and ever changing taxes;
A carefree retirement;
Peace of mind, knowing that your heirs will, one day, derive the maximum benefit from your estate and that their inheritances will not be wasted on unnecessary taxes and administration expenses.

Effective Estate Planning requires an expert approach. Developing the best possible estate plan for you requires the right combination of experience, knowledge and innovation.

The Estate Planning process consists of:

A thorough analysis of your current position;
A careful assessment of all the factors that have the potential to reduce the value of your estate;
The development of YOUR strategy aimed at eliminating these factors.

The implementation of your plan.

Through the use of Legal Entities you could;

Reduce personal liability and protect assets for future generations;
Hold growth assets and help minimise estate duty tax.

These entities include Inter Vivos Trusts, Close Corporations, Private Companies or a combination of these.
My Estate Planning service will provide you with access to these entities both locally and offshore.

YourWill
Even the most carefully structured estate plan will fail without a properly drafted will.
An up to date, valid, signed will, is an integral part of your estate plan.
It will ensure that your assets are distributed according to your wishes without unnecessary delays, thereby ensuring your peace of mind.
IS YOUR WILL UP TO DATE?
DO YOU EVEN HAVE ONE?

After all it is probably the most important document you will ever sign!

What Estate Planning can do for you

In order to be truly effective in combating the vagaries of wealth erosion, your estate plan should:

Minimise estate duties and other taxes;
Provide IMMEDIATE and adequate income and capital for your dependants in the event of death or disability;
Allow sufficient liquidity to cover unforeseen costs;
Be flexible enough to adapt to changes in the legal environment;
Adapt easily to any changes in your personal circumstances;
Offer secure protection of your assets against insolvency;
Facilitate the easy administration of your estate.

If your current approach to managing your estate falls short of any of these aspects, or if you have yet to undertake proper estate planning, now is the time to talk.

Like most people you may think estate planning only requires a will, but it encompasses much more!

What is really involved?

Your estate plan depends upon your circumstances. Your goals and wishes are your priority, along with the ongoing security of your family. Major questions must be answered, such as;

Who should administer your estate?
Who are your heirs and what should they get?
Who should be the guardian of your minor children and can they afford to take on the responsibility?
How can estate duty taxes and current income taxes be reduced?
How will your executor pay the taxes?
How will your spouse control your assets?
How will you care for yourself and your family, if you cannot do it yourself because of a disability?

Grieving for survivors is a natural process, but you can help with these emotions through advanced estate planning.
Remember, death is not the only event to plan for - illness or disability can be equally devastating.
If you have the correct instructions in place, both your and your family's future is secure.

Who should help me with my estate plan?

Use ME. You need a professional with experience in this field. And your attorney and accountant need to be involved as well. Most of us lose sight of our middle to long-term goals.
A structured action plan will help you track your financial activities towards the real, final goal, a comfortable retirement!

Estate planning will ensure that your family will not suffer financial hardship on your death.
Sufficient capital in your estate is crucial for your loved ones and it will prevent them having to sell your home to fund taxes and your liabilities.
You can ensure the continuity of your business and the resultant, lifelong financial support for your family.
Estate planning ensures that the complex nature of assets and the unique laws of transfer of these assets are addressed, protecting your heirs.

Now ask yourself - Is my Estate Liquid?

Can I meet my liabilities and estate duty or will assets I leave to heirs have to be sold to realise cash? Liabilities such as credit cards, income tax, VAT and executor fees.
If I were to die tomorrow, will my family be able to continue without financial difficulties?
Will my wife/husband have an income? Will it be enough?
Will my family have an income while my estate is being wound up?
Is there provision for my children's education fees?
Can my business continue or will it have to close? If so, where will my family get income?
How does my marriage affect my estate?

ESTATE PLANNING IS A CRUCIAL PART OF YOUR PERSONAL FINANCIAL SECURITY.
PLEASE DO NOT NEGLECT IT!

I offer a comprehensive Estate Planning analysis. It takes a great deal of time to fully cover all the options open to you and as such I charge a fee, depending on the complexity of your situation.
Should you place any investments through me, as a result of the analysis, I will happily negotiate the fee.

A second opinion costs nothing yet without it, may cost you everything!

Simply contact me and we can work out an affordable plan for you.

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peter pyburn broker Peter Pyburn - Authorised Financial Services Provider, fully licensed to render financial services since 1991. Death and Disability Planning; Retirement Planning; Investment Planning; Healthcare and Estate Planning. More...

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Last update: May 20, 2022