What Is Estate Planning | Resources

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Understanding estate planning

Estate planning goes beyond drafting a will; it's about safeguarding your family's future and ensuring your final wishes are honoured.
A valid estate plan includes various legal documents such as a last will, trust deeds, power of attorney and living wills.
These documents serve multiple purposes, from designating beneficiaries and guardians for minor children to detailing healthcare decisions and funeral arrangements.

Key components of an estate plan

Legal documents: These include wills, trust deeds, powers of attorney, and healthcare directives – all crucial for a comprehensive estate plan.
Financial strategies: Strategies to manage inheritance tax liability, such as charitable donations, tax-efficient gifting and utilisation of life insurance policies.
Beneficiary designations: Ensuring retirement plans, insurance policies, and bank accounts have up-to-date beneficiary designations.

Why estate planning matters

For high net worth individuals, estate planning is paramount in managing estate taxes, avoiding probate and ensuring assets are distributed according to their wishes.
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Without a valid estate plan, the legal process can become time-consuming and costly, with decisions left in the hands of a probate judge.

At what point should I begin my own estate planning?

It’s wise to begin planning as soon as you start accumulating assets. Estate planning is an ongoing process that should evolve with your financial circumstances.

Can estate planning help with business succession?

Absolutely. Part of a solid estate plan includes making arrangements for business succession to ensure smooth transitions and maintenance of family peace for future generations.

Is it possible to change my estate plan?

Yes, estate planning is flexible. It's important to review and adjust your estate planning documents regularly, especially after significant life events such as marriage, divorce or the birth of a child.

How can Maritime Capital assist with my estate planning?

Our team of experts can guide you through the estate planning process, from drafting important legal documents to advising on strategies to minimise inheritance tax liability.

We work in tandem with financial advisers and legal professionals to ensure a comprehensive approach.

We pride ourselves on assisting high net worth individuals and families in protecting their assets and ensuring that wealth is passed on according to their wishes.

Our dedicated team offers strategic advice, legal document preparation and asset management services tailored to each client's unique needs.

With our expertise in financial planning and investment selection, we are committed to guiding our clients through the complex process of estate planning.

Navigating the legal and financial aspects of estate planning can be daunting, but with Maritime Capital, you have a partner every step of the way.

‍Contact us to learn how we can assist in securing your legacy for generations to come.