Estate planning is about giving your decedents the opportunity to find their own wings, but it is also about you, leaving your footprint across generations.
What to consider …
Estate planning is not about leaving your descendants with a world of wealth. The latter is often to the detriment of your loved ones. It is much better to leave someone opportunities than just money. In the end you just want to ensure that you don’t leave them with the burden of your debt. Therefore in estate planning consider the following:
- Estate Duty: Are your legal structures such as to minimize estate duty implications?
- Debt: Will your debt be paid on your passing?
- Legacy for your loved ones: When you plan your inheritance for your dependents, also take into consideration the degree of dependence of your loved ones. Are they working, and what is their income?
Finally, provision for your estate planning should always be balanced with provision for your retirement.