Estate planning is the process of anticipating and arranging, during a person's life, for the management and disposal of that person's estate during the person's life and at and after death, while minimizing gift, estate, generation skipping transfer, and income tax. It can be done through two ways: Will Writing and Trust.
A Will is a written document specifying exactly how your assets are to be distributed upon your death. It is critical for you to write your Will so that all your assets can be distributed according to your own wishes upon your death. Failing to write a Will means that distribution of your assets are decided by the Distribution Act 1958 which may not reflect your wishes.
At Sigma Wealth, besides helping you write a proper Will, we take you through the necessary steps for you to evaluate the best possible options for your Will. We can answer the concerns you may have about getting an appropriate Will done for your specific circumstances and with the utmost confidentiality.
The trust is another option that you have when it comes to estate planning. There are many different types of trusts that you could potentially use. In order to set up a trust, you are going to need to hire an estate planning attorney. They will be able to walk you through the process and make sure that the trust is legitimate. Setting up a trust is going to be approximately 3 to 5 times more costly, when compared to using a will. With the trust, you will be able to put any assets that you want into it. You will also be able to continue utilizing the assets or the income that is created from these assets while you are still alive. With the trust, you can also specify when the assets will be distributed after your death. This makes a good option if you have a sizable estate that you want to convey slowly to your beneficiaries.