RULE 1
The golden rule is to manage EXPECTATIONS and EDUCATION of beneficiaries.
When the time is right, you should tell your family what you have done and why, so as to avoid unexpected outcomes, which are a very common cause of disharmony in managing wealth after a death. Tell them and tell them often, as people have a great capacity to forget things.
RULE 2
There is no correct ANSWER. It is about making informed decisions.
RULE 3
TRUST MODEL – unless there are good reasons not to, trust those that will be in control of your wealth while administering your estate if you lose your capacity or when you die.
Also trust those that will be in control to get it right.
RULE 4
We only hear of the bad cases about the managing and passing of wealth on loss of capacity and death – do you want to box at SHADOWS?
Normally it happens very smoothly, so why complicate things on the basis of what is not likely to happen?
RULE 5
Keep your documents as flexible as possible – estate planning is as much as possible about creating flexibility and TAX planning opportunities, unless there are reasons not to.
RULE 6
There are hundreds of YEARS of law that relate to the estate planning process, and so we do not need to be too prescriptive about how we want it all to work unless your estate plan requires something more specific (e.g. the application of capital and income for the benefit of a minor beneficiary where the beneficiary’s parents die prematurely). It normally works quite well without you having to write a book about it.
RULE 7
Estate planning is not set and forget. Don’t try to be too long range.
Regularly REVIEW your circumstances and documents. Each year when you do your tax is a good reminder for this incredibly important need. Despite this, our commitment to you is to give you something that normally is quite long range, providing your circumstances don’t change.
Do You need assistance with your effective estate planning?
If you need any assistance with your effective estate planning, please get in touch with us so that we can show you how to do it, including the fact find, with the minimum of fuss. Let us also show you all about the 5 stages, 7 rules and 7 risks of effective estate planning.
Disclaimer
The information in this article is general in nature and is not intended as legal advice. You should not do or fail to do anything in reliance on information in it. We do not accept any responsibility for any loss that you suffer if you do. You should seek professional advice before you do anything about the issues set out in this article.
