Page 9 - Nexia SAB&T Estate Planning Guide 2024

n To provide for dependants and protect minor beneficiaries
u To ensure that dependants are adequately provided for during an estate
planner’s lifetime, and after his death.
u To provide protections for minor beneficiaries, including custody and /or
guardianship, and to prevent any bequests to a minor being held by the
Guardian’s Fund until he reaches majority.
n To minimise the impact of taxation on an estate
u Suitable planning could help minimise the impact of tax on an estate
including estate duty, income tax, capital gains tax, value-added tax and
transfer duty.
n To provide for future growth of assets outside the estate planner’s estate
u An effective mechanism for housing growth assets, particularly those
intended for future generations, is an inter vivos trust during one’s lifetime.
n To provide for business interests (where applicable)
u An estate planner’s business interests may impact on his personal affairs,
and indeed his estate.
n To provide for an estate planner’s own set of unique circumstances
u An estate planner may have been involved in more than one marriage
or relationship, or have obligations to various children, perhaps from
different marriages. Each set of circumstances will need careful planning.
n To take account of offshore assets (where applicable)
u An estate planner may hold assets offshore. When embarking on the
process of planning his estate, the estate planner needs to take account
of his global estate.
n To decide whether to execute a Living Will
u The Living Will is an advance directive, devised to stand as a declaration
of non-consent to artificial life-support in the event of the patient being
unable to communicate in the event of incapacity.
n To minimise costs
u The estate planner, together with the estate planning team should carry
out an exercise of weighing the costs against the benefits of implementing
the proposed plan, taking into account professional fees, transfer duty,
securities transfer tax, estate duty, donation tax and capital gains tax
implications.

7