Most people have an idea what they envision for their future, and for their heirs. It is the implementation of those ideas which gives rise to the practice area of Estate Planning and Wealth Preservation.
Wills
A will is the most basic form of estate planning. A properly drawn will provides for an Executor, a trusted advisor who will carry out your directions for the disposition of your estate after your death. Every adult should have one.
Wills, however, take effect only upon the death of the Testator. Because they speak prospectively, the Testator has no way to oversee their administration, or to correct misjudgments or unfairness. Furthermore, wills do not necessarily take best advantage of tax laws, and cannot be immune to attack under various statutes such as the Wills Variation Act.
Trusts
As a result, various sorts of trusts are becoming more common where there is substantial wealth to be dealt with, or many interested parties. By donating assets during one's lifetime one can avoid the effect of the rules of probate and administration of the estate. The judicious use of joint tenancies, powers of attorney or appointment and trusts can make plans for the future much more certain.
Tax Planning
Tax planning devices are also commonplace today, so that the impact of tax, both annual income tax and taxes triggered by the death of the client can be minimized.
Our aim in attempting to advise our clients on wealth preservation is to provide the most effective corporate and financial structure for each client's needs and aspirations. |
