What Is Estate Planning?
Estate planning is the process of planning what will happen to your assets (known as your estate) in the event that you become incapacitated or if you die.
It's so important because it ensures that your loved ones receive the financial support they need, when they need it the most. Proper planning ensures that your hard work doesn't go to waste (or straight to the tax department's coffers!).
What's Involved in Estate Planning?
Your estate plan might include any of these:
- Powers of Attorney
- A Will
- Property Ownership
- Joint Accounts
- Charitable Donations
- A Trust.
The Role of Accountants in Estate Planning
Most other blog posts on this topic list just one area where accountants can help with estate planning: