Estate Planning and Trusts at First Eastern Investments Limited
Planning to take care of those you leave behind is a primary consideration for anyone with a family. Effective planning, done in good time, can have a significant impact on the legacy you leave behind.
Effective planning can:
- Facilitate the speedy inheritance of your heirs and beneficiaries, minimise the time and expense incurred by probate.
- Maintain privacy, which can be a consideration for those with more involved family circumstances.
- Minimise tax. Effective planning over time can substantially reduce the amount due on your estate and prevent assets having to be sold to pay the liabilities.
- Allow you to determine who receives what from your estate.
From their beginnings in England, Trusts are used in many jurisdictions around the world and are not only useful for high net wealth individuals. The increasing global property prices have seen many people pushed into tax brackets, which would potentially necessitate selling assets to fund the tax liability after death.
Trusts can help by:
- Dictating how and when your assets are dispersed and whom they are disbursed to Alleviate potential liabilities such as inheritance tax.
- Allowing for changes in your family circumstances to be taken into account.
- Protecting the inheritance of minors or those without the capacity to manage their wealth.