ADVANTAGES OF ESTATE PLANNING

1. Speedy and Proper Distribution of an Individual's Asset

    When an Individual has a great estate plan, upon his/her demise, his/her assets are promptly and properly distributed to his/her beneficiaries.

2. Business Continuity

 With estate planning, individuals who own businesses and companies make arrangements about who takes over the business and how the businesses would be managed over time.

3. Minimizes Cost and Taxes 

  With a proper estate plan, there are tax reduction strategies available that would reduce taxes to be paid to beneficiaries of the estate. It also reduces the inheritance Tax Liability where substantial assets are involved.

4. Management of an Individuals Property in the event of Incapacity

 Aside from death, stroke or mental disorder can render one incapable of making decisions. With an estate plan, an individual can plan ahead, choosing who he wants to take decisions for him if the event arises.

5. Philanthropic Acts

Individuals who engage in charitable activities can also include it in their estate plan. With a good estate plan continuous funding of such charity and philanthropic acts would be ensured.

6. Protect Beneficiaries

 Estate planning protects the interests of the beneficiaries. The Settlor or Testator is confident that the law would protect the beneficiaries from contentions from any persons. The beneficiaries are also secured financially. It also protects them from the strain of thinking of what to do or where to begin in the event of a demise.

7. Privacy

A proper estate plan keeps an individual's financial affairs out of the public eye. An intestate's financial details is susceptible to public scrutiny especially when there are contentions.

An estate plan guarantees privacy.

Conclusively, Estate planning is an imperative step in ensuring wealth preservation, wealth growth and wealth transfer.

 Interested in setting up and Estate Plan today? Send us an email at fcmbtrustees@fcmb.com