Estate planning is a logical continuation to the financial planning process. It is the complete consideration of your assets and liabilities. It is used to both distribute wealth and also to create and protect it.
Proper estate planning is not just a matter of having a will. For the same reason that you may wish to maximise your assets over your lifetime, it is important to ensure that in the event of your death or loss of capacity, both you and your family are provided for in the most effective way.
Estate planning involves three basic elements:
A well-arranged and executed estate plan ensures that your assets are distributed according to your wishes, rather than this being determined by the state. It also provides a mechanism for your chosen person to step in and make important lifestyle and financial decisions on your behalf if you are unable to do so yourself.