Estate Planning & Wills
Almost everyone should have a will but unfortunately many people still die intestate each year which means that their assets often end up in the hands of people whom they never intended to benefit.
This is of particular concern for families with substantial assets and unmarried co-habitees, who may have no automatic right to their deceased partner’s estate but have a family to support.
Choosing Executors is very important, as these are the people who are going to implement your wishes. If your estate is large or complex, it is often advisable to appoint a professional Executor, as they will be able to process the probate quicker and will avoid disputing the Will, as they are not a Beneficiary. ICS TRUST can act as a professional Executor for your Will and estate planning needs.
If you have young children, it is very important to ensure that you have a Will that appoints Guardians, or your children could be under government supervision while a lengthy court process is initiated to appoint Guardians for them.
ICS TRUST can draft your Will for you. Our legally trained staff are very experienced at drafting Wills and can advise you on what you need to include in your Will.
A. Basic Wills
B. Planning for Gifts
D. Naming Executors, Guardians and Trustees
E. How to pick an Executor and/or Trustee
F. Keep your Will up to date
G. Business Succession Issues
This is of particular concern for families with substantial assets and unmarried co-habitees, who may have no automatic right to their deceased partner’s estate but have a family to support.
Choosing Executors is very important, as these are the people who are going to implement your wishes. If your estate is large or complex, it is often advisable to appoint a professional Executor, as they will be able to process the probate quicker and will avoid disputing the Will, as they are not a Beneficiary. ICS TRUST can act as a professional Executor for your Will and estate planning needs.
If you have young children, it is very important to ensure that you have a Will that appoints Guardians, or your children could be under government supervision while a lengthy court process is initiated to appoint Guardians for them.
ICS TRUST can draft your Will for you. Our legally trained staff are very experienced at drafting Wills and can advise you on what you need to include in your Will.
A. Basic Wills
• A basic Will ensures that your estate is passed to whom you chose
• Can be a fairly simple document
• Can be a fairly simple document
B. Planning for Gifts
• A will allows you to make gifts to charities and people outside your family
• Tax efficiencies can be gained if gifts are planned
• If you ensure that certain gifts are made, it could avoid challenges to the Will in the future
C. Dying Intestate• Tax efficiencies can be gained if gifts are planned
• If you ensure that certain gifts are made, it could avoid challenges to the Will in the future
• Without a Will, your estate will pass according to statutory rules
• Statutory legacies only provide for blood relations
• No automatic provision for unmarried co-habitees
• If no relatives living at the date of your death, your estate goes to the government
• Statutory legacies only provide for blood relations
• No automatic provision for unmarried co-habitees
• If no relatives living at the date of your death, your estate goes to the government
D. Naming Executors, Guardians and Trustees
• This allows you to appoint people who you trust to carry out your wishes Page 4 of 10
• Guardians are especially important, as they will be responsible for looking after your children
• Guardians are especially important, as they will be responsible for looking after your children
E. How to pick an Executor and/or Trustee
• Can be anyone that you want
• Professional Executors and Trustees are often better than friends or family
because they have the time to devote to the Probate or Trust
• Professional Executors and Trustees are also impartial and will not get involved
in disputes over inheritances
• Professional Executors and Trustees are often better than friends or family
because they have the time to devote to the Probate or Trust
• Professional Executors and Trustees are also impartial and will not get involved
in disputes over inheritances
F. Keep your Will up to date
• Wills need to be regularly reviewed and updated, especially when there are major family changes, such as:
o Marriage
o Birth of children / grandchildren
o Divorce
o Deaths
o Significant increases in wealth
o Birth of children / grandchildren
o Divorce
o Deaths
o Significant increases in wealth
G. Business Succession Issues
• If you have a family business, care needs to be taken that it can be passed through your Will
• The business must be able to function, so assets cannot be split between your heirs
• Tax can be saved if early planning is undertaken
• The business must be able to function, so assets cannot be split between your heirs
• Tax can be saved if early planning is undertaken
