1. Wills

Think of a will as your way to make sure your property and belongings go to the right people after you’re gone. Without a will, they might not end up where you want them to.

A will allows you to:
• Decide who gets your assets and property, and who doesn’t;
• Save your loved one’s time, money, and stress;
• Reduce the chances of family disputes;
• Choose someone to handle your estate (executor);
• Choose a person or institution to manage any trusts you set up (trustee);
• Choose who will take care of your minor children;
• Leave instructions for your funeral;
• Protect and manage your assets; and
• Set up your estate in a way that can save on taxes.

 2. Trusts

A trust is a special agreement in which one party, called the trustee, takes care of your assets for someone else, known as the beneficiary. It’s a way to safely manage and distribute assets as you want, giving you control and protection over how your things are passed on.

You might need a trust if you:
• Have a lot of assets and want to be very specific about who gets what.
• Want to move assets into a living trust to save on taxes and other costs.
• Want to ensure financial support and protection for your family across generations.
• Want to support a cause, like a charity, or take care of a family member during and after your lifetime.

A trust provides asset protection. This means that a beneficiary can die, go insolvent or get divorced, and the trust assets can be unaffected.

3. Deceased estates administration services

Estate administration is the process of managing and distributing a deceased person’s assets and liabilities according to their will or the laws of intestacy. It involves identifying and valuing the estate’s assets, paying off debts and taxes, and distributing the remaining assets to beneficiaries. This process is typically overseen by an executor (if there is a will) or an administrator (if there is no will), who is responsible for ensuring that the estate is managed according to the law and the deceased’s wishes. Estate administration can be complex, involving legal, financial and administrative tasks to ensure that the deceased’s estate is settled properly.

An estate comes into existence on a person’s death. By planning ahead and engaging in proper estate planning with your financial adviser, you will enable the executor of your estate to:
• Safeguard your legacy;
• Ensure that your assets are managed and distributed to your nominated heirs according to your wishes, while making sure that your loved ones are taken care of;
• Protect the benefits of your loved ones through trusts;
• Handle debt and liabilities, ensuring compliance with legal requirements; and
• Protect and invest estate assets prudently until they are distributed to beneficiaries.

For business owners, estate planning also means that your business can keep running smoothly without any interruptions.