One of the most common vehicle to protect one’s assets from both third parties, as well as the effects of death, is a Trust. Please contact us should you require more guidance herein.
It is extremely important to have a properly drafted Will. This is considered to be the first and mostly probably the most important part of estate planning. Should one pass away without a will, your estate is referred to as intestate, and is governed by Statute. Consequently, to ensure that your wishes are respected and adhere to after your death, you must ensure that your will is probably drafted and executed.
Although it is true that an Executor (in most instance an attorney) charges a fee for administering your estate, care should be taken when appointing a person whom does lacks the skill and knowledge to finalise an estate as it is my no means an easy task. It is best left to those who have the skills and expertise.
Normally the Executor is entitled to charge a fee to the value of 3.5% that of the assets in the Estate. A fee of 6% (calculated on after death income) is also applicable. This demonstrates the importance of a vehicle such as a Trust, as your assets will be reduced substantially when vesting in a Trust, thus automatically reducing the value charged by the Executor. If you have been appointed as an executor, ensure that you get assistance from a person whom have the necessary skills.
If your require any additional information on any of the aforementioned, or require assistance with the registering of Trusts, please contact us.