Estate planning is a logical extension to the financial planning process. Having put your financial plan into place to ensure your family’s future financial security, estate planning can be a tax efficient means of transferring your assets. .

At its core, estate planning aims to lessen the stress for grieving families during an already painful time.

In essence, estate planning involves three basic elements:

• deciding how an estate will be divided;
• making or modifying your will; and
• providing the means to ensure that your wishes can be carried out.

• appointing a power of attorney - one person or a group of people you trust to look after your financial and business affairs;
• establishing a discretionary or family trust to protect your wealth;
• establishing a testamentary trusts to reduce your family’s tax liability after the main breadwinner’s death ; and
• appointing a trustee and/or executor to carry out your wishes as per your will.