Estate planning involves managing your assets and liabilities while you are alive, and implementing a distribution strategy for these assets when you pass away. It considers all of your financial affairs and sets structures in place to manage these most efficiently. Estate planning takes into account:
- Wills: drafting a legally binding will and testament to ensure that your assets are distributed according to your wishes.
- Trusts: forming trusts to manage your assets effectively to the benefit of your beneficiaries and to provide asset protection.
- Asset restructuring: separating your business and personal interests.
- Buy and Sell agreements: protecting partners if one partner passes away or is disabled.
- Succession planning: making sure that your business can continue to operate if you are no longer there to run it.
- Tax: considering income tax, donations tax, estate duty, capital gains tax and other tax implications.
- Offshore considerations: evaluating if offshore structures will be to your benefit.
- Provision of liquidity, capital and income for your estate and your dependants.
Estate planning is an ongoing process and should be started as soon as one has any measurable asset base. As life progresses and goals shift, the estate plan should move to be in line with the new goals. Lack of adequate estate planning can cause undue financial burdens to loved ones. The best time to plan your estate is now.
As specialists, RNC Personal Actuarial Advisors delivers personalised advice and always stays abreast of relevant changes in legislation. We will devise a strategy that includes constructing your will, establishing and executing trusts and structuring your affairs across jurisdictions – locally and internationally – ensuring that all the necessary legal and tax requirements are taken care of.