What is an Estate Plan?

An estate plan is a way to organise what happens to your money, property, and responsibilities after your death. It ensures that your assets are distributed according to your wishes and that any debts are settled in an orderly way. While your will is an important part of this plan, it is only one piece. A full estate plan may also include trusts, legal agreements, and strategies to manage different taxes such as estate duty, donations tax, and capital gains tax.

Estate planning goes beyond money and possessions. It also deals with important personal matters. This includes deciding who should make medical or legal choices if you cannot, and making sure children from previous relationships are cared for and provided for. It allows you to outline your preferences for medical treatment, end-of-life care, and funeral arrangements. You can also name guardians for your children or dependents, make provisions for loved ones with special needs, and set up plans for pets.

An estate plan can also include creating trusts for beneficiaries, strategies to reduce tax burdens, or making arrangements for charitable giving. It is also an opportunity to capture your personal values and wishes so they are respected even when you are no longer able to express them.

In the end, an estate plan protects your wishes and gives your loved ones a clear guide during what may be a very difficult time. Speaking to a Mirathi representative can help you decide what kind of estate planning best suits your life stage and circumstances.