Though we mostly handle financial matters related to the operation of small to medium-sized businesses, we at AFS Taxsavers are also proud to offer guidance when it comes to estate planning, an incredibly important step we all must take one point or another. In simple terms, estate planning is a set of guidelines by which, according to your specifications, your estate will be divided after your death. There are several steps to this process, each of which carrying an incredible amount of weight. All of these steps should be carried out sooner rather than later for, to put it as delicately as possible, it’s impossible to tell much of what the future will hold. To ensure that your loved ones are taken care of after your passing, that your estate is split up to your liking and that your living will is in place, schedule a consultation with AFS Taxsavers. We’ll make sure that each of your wishes is met.
WHAT DOES ESTATE PLANNING INVOLVE?
By its most basic definition, estate planning ensures that your capital and assets go where you would like them to after your passing.
An integral part of estate planning is the drafting of a will. This is a record of how you would like your assets to be divided. If need be, you can use the document to choose a guardian for your child if one is not immediately obvious.
Before you can divide your assets however you must identify them. These include any investments you’ve made, any money you’ve earned, any property you own and any life insurance policies you’ve taken out. Be sure to catalogue your assets carefully.
You also have the option of setting up a trust, which allows you to release your assets to the parties you’ve selected only under certain conditions. Trusts also reduce estate and gift taxes and can help defend your assets from being claimed by creditors.
Finally, there’s an element of estate planning which deals with the living. If you’re still breathing but are incapacitated, in a coma for example, you must lay out in advance who you want controlling your finances. You can also draft a living will, telling your family what they should do if you should enter such a state.
Careful estate planning is an incredibly important matter, and at AFS Taxsavers we take it very seriously indeed. If you’re overwhelmed by the amount of options before you, have tax related questions about the assets you will leave behind and their effect on your family or are simply having trouble making decisions, contact us today. We’ll give you the benefit of our expertise, gained after more than 30 years of service. We’ll ensure that when you pass everything will be in place.