Your 10 point estate planning checklist
Posted by Infinity
on January 22, 2016
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Estate planning scares the life out of some people – understandably so – and maybe that’s why so many people avoid the task altogether. However, burying your head in the sand and failing to tackle the subject can lead to disastrous consequences. The fact is that you should make no assumptions when it comes to your beneficiaries – unless it is written down in your will, you cannot be sure that your assets will go to the people you want them to.
Like any task that seems monumental, estate planning becomes much more approachable if broken down into a series of small steps. So here is a definitive checklist of points for you to work through to ensure that your affairs are all in order. Your end may seem a long way off but none of us know what is round the corner and you will save your loved ones a whole lot of hassle if you have crossed the t’s and dotted the i’s when it comes to your estate.
- Make a list your debts and set out how they will be covered in the event of your death. Life insurance is a useful tool for this, particularly in the case of a mortgage or large debt.
- Make a comprehensive list of all your assets. Infinity have produced a free, downloadable document to make this task easier.
- Ensure that you nominate a beneficiary for your pension and any life insurance policies that you have.
- Familiarise yourself with the inheritance and tax laws of the country in which you are domiciled and think about the tax implications of your legacy.
- If you have dependents, nominate guardians for them.
- Determine how your assets will be reallocated if a beneficiary dies before you.
- Write a will – this will involve nominating executors and you will need to have the will witnessed by someone who is not a beneficiary. Our will writing service can help.
- Give a copy of your will to your executor(s).
- Think about your digital assets and make provision for them. You can read more about that here.
- Seek professional advice – a professional can help ensure that your legacy is passed on to those you wish to benefit in the most tax efficient way possible. Expats face additional estate planning issues as they usually have assets in more than one jurisdiction and face issues of residency and domicile.
Infinity’s Will desk can assist with all your estate planning needs as well as providing you with a valid will or wills to cover your assets wherever they are. Get in touch today!