
Benefits Of Estate Planning
Stay updated with current accounting standards, business compliance, tax preparation tips, and latest news.

30 Nov 2022
Consider this – you have been able to manage your money successfully throughout your life. Wouldn’t you want to decide what happens to the money, property, and other assets when you are gone?
If your answer is yes – you need strategic and well-formulated estate planning. It means arranging or transferring your assets in the unlikely event of death or incapacitation, to your spouse, children, and relatives.
In simpler terms, estate planning is a structural blueprint that dictates who will inherit your possessions and valuables, therefore, guaranteeing financial security and keeping your legal affairs in order.
Whether you are a journeyperson or retired personnel, it is never too early or late to plan your estate. It involves a variety of processes including:

- Making a will and naming someone to be in charge of carrying out your wishes
- Determining who will care for your children (if they are minors)
- Arranging your assets so that you only pay minimum necessary taxes
- Putting insurance plans in place to pay bills, support your survivors, transfer assets, and more
- Prepare a will, it will let you decide to whom your asset will get passed on
- Consider trust as it avoids probate
- Make advanced health care directives
- Get an attorney who will look after your finances
- Assign a guardian to your minor children
- Choose and review your beneficiaries
- Keep your documents and files in order