When it comes to estate planning, there are some useful tips that you need to be aware of. Estate planning tips are important for everyone considering having an estate plan created.

Here are some estate planning tips to keep in mind:

  • Create a living (inter vivos) trust and utilize it to purchase your growth lifestyle assets. Did you know that assets like a holiday home become more valuable over time? Buying such assets in a trust that is established during your lifetime lets you avoid having to transfer the assets on your death.
  • Investing in a retirement annuity is another estate planning tip. You receive a tax deduction for your contributions in the year that you make them, and you can enjoy tax-free growth on the value of the investments in the retirement annuity.
  • Do you have a will already or do you need one to be drafted? Drafting a will must be professionally done. It is necessary for you to consult an expert when it comes to creating a will. If you have an existing will that needs to be updated, make sure to update it.
  • Please do not put off or postpone making a will. If you do not have a will and you pass away, you die intestate. Putting your wishes in writing (in your will) is the only way to ensure that your loved ones will receive your assets when you are no longer alive.
  • From an estate planning standpoint, a trust does allow you to divest yourself of your assets, transferring ownership and control of the assets to the trust.

As an experienced Trust Specialist, I look forward to discussing essential estate planning tips with my clients. I am available for face-to-face consultations with my clients. I am ready to create a tailor-made estate plan for your unique circumstances. I look forward to meeting with you and discussing your estate planning goals and requirements.

JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner)

Book an appointment with my Executive Assistant, Jutleth Mkhonza. Email julie@mmtrustspecialist.co.za or call +27 (0) 11 783 0108.