What is Estate planning?

Estate planning is the process of organizing for the  succession of property, assets, and liabilities owned by an individual in the event of their death or incapacitation.

Why should I plan my Estate?

Estate planning ensures distribution of the estate as per your preferences upon your death. For example, you may wish to appoint a suitable successor to take ownership of your business entity after your death. Furthermore, planning allows you to choose suitable individuals to execute your wishes. Additionally, planning may also minimize succession disputes between beneficiaries of your estate upon your death. It is also prudent to plan for protection of vulnerable beneficiaries such as minors by adequately protecting their inheritance and ensuring that it is managed responsibly.

Do I need a significant fortune to plan my Estate?

You do not require substantial wealth or assets to plan your estate. Estate planning is advisable for anyone who has property and wishes for it to be distributed according to their wishes, regardless of the size

How do I go about planning my Estate?

You can plan your estate by writing a will or creating a trust. A will is a legal declaration of your wishes regarding the disposition and management of your property after your death. Estate planning can also be done by incorporating a trust. When you create a trust, you transfer ownership of your personal assets and real property to the trust, where it is managed by your chosen trustees on behalf of your beneficiaries. In the unfortunate event of your death, the trustees shall distribute your property according to your wishes

Do I need legal advice during Estate planning?

It is advisable to have an Advocate draft your will or incorporate a trust on your behalf. Wills and trusts have specific formal requirements without which they may not be deemed valid.

When should I start planning my Estate?

 It is advisable to begin planning your estate as soon as possible. As your wealth grows or you experience  changes in your personal circumstances for example marriage, the birth of children or divorce you may update your estate plan to incorporate these changes. 

How often should I update my Estate plan?

It is advisable to update your estate plan whenever there is a change in your personal circumstances. These changes may include events such as marriage, divorce, acquisition of additional assets, disposal of assets listed in the estate plan, or updating beneficiaries. For wills, it is advisable to create a new will after marriage because a will is revoked by marriage, unless it explicitly anticipates the marriage contracted after the will was made

Should you require any further information, please contact us at info@cfllegal.com.