10 ESTATE PLANNING TIPS 1. Review/Update your will: Review it regularly and ensure that your family know where to find your Will. 2. Appointing guardians for minor children: Your nominated guardian should be stipulated in your Will. 3. Review beneficiaries: As your family situation changes, you may need to change the names of beneficiaries not only in your Will but also in life insurance policies and other documents that list beneficiaries. 4. Appointing trustees for minor children: The appointment of trustees is crucial for inheritances by minor children as in the absence of provisions in a Will creating a trust, a minor childs cash inheritance must be paid over to the Master of the High Courts Guardians Fund for safekeeping. 5. Record-keeping: It is essential to create a list of where all-important information can be located and give the list to someone you trust. 6. Donations: By making donations, large estate can be reduced to avoid significant estate taxes. 7. Estate taxes: It is worth-while to discuss the options with your financial advisor. 8. Liquidity: One of the most common problems in winding up an estate is the situation where there is not sufficient cash to settle the estates liabilities. In such a situation the outcome can be a forced sale of assets. Life insurance is an easy and affordable way to provide estate liquidity. 9. Offshore assets: If you should have offshore assets when you die, youll also have a foreign estate that will have to be administered. 10. Make a living will: One of the most important roles of a living will is that it may be the only written evidence of what a persons wishes are. Contact us to assist you with drafting your #Will - Tel: 021 422 4855 #BNLAW #YourLegalSolutionsStartHere
Posted on: Mon, 28 Oct 2013 06:00:31 +0000
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