Estate Planning

Estate planning makes sure your wishes are followed, your loved ones are provided for and the process is as smooth and inexpensive as possible.

A typical estate plan includes a will, naming who inherits and who manages the estate; beneficiary designations on pensions, insurance and accounts; and documents that appoint someone to make financial or medical decisions if you lose the ability to do so. It may also include trusts, life insurance and plans for passing on a family business.

For example, parents of young children might write wills naming guardians, set up a trust so the children receive money gradually, and buy life insurance to replace their income if one of them dies.

Estate planning can also reduce taxes and legal costs where estate or inheritance taxes apply, through approaches such as gifts during life, charitable donations or the use of trusts.

Estate planning is not only for the wealthy. Anyone with dependants, property or savings benefits from it. Plans should be reviewed after major life events, such as marriage, divorce, the birth of children or a significant change in wealth.