by Tobias | 09.Feb.2016 | Offshore Estates
Estate planning precedes estate handling and only if you have taken the necessary steps to plan for the future will it be possible to ensure that your personal assets are managed according to the wishes as stated in your will. An estate can take the form of: Personal estate that comes into effect upon the death of the person and is managed according to the wishes stated in the person’s will. Assets within a trust – which is a legal instrument for the protection of assets to the benefit of beneficiaries where the estate is handled by the trustees. Estate for retirement fund benefits. Trust for purpose of property agreements. Professional estate planning takes into account that a person’s life entails many events of which some may be good and others bad. As such, the planning should be flexible enough to cater for specific needs of the person at the set time. It is essential to follow a strategic plan to ensure that the long term goals of the estate can be reached. The planning should not only be flexible, but make provision for long-term requirements. As part of this process you will need to set up a will and should review such every two years, unless there have been changes in your financial status, the beneficiaries or your wishes. Note that your will covers your personal assets. It does not extend to assets that have already been transferred to a trust for your family or appointed beneficiaries. If you are married within community of property, your will cannot express any instructions on your spouse’s portion of the estate....
