What is the purpose of estate planning?

Estate planning generally focuses on passing wealth onto the next generation effectively. Without a plan in place, settling the affairs of an estate can have a long and costly impact on those that are left behind.

Estate planning allows you to decide how assets will be distributed in the future. If no plan is put in place, the courts will have to decide, which can take years and also legal fees will ratchet up.  More often than not, this can also lead to unpleasant disputes within families giving rise to emotional damage where no clear plan or structure has been put in place.

A plan can also protect young children, where guardians can be named in case the unthinkable occurred and both parents were to die. If this has not been planned, again the courts will have to step in and a decision made or a separate guardian appointed, which might not have been the intention of the deceased.

By putting a proper estate plan in place, you can mitigate a substantial amount of the tax liability for your beneficiaries.

Do you want to find out more about Estate Planning?

Contact George Skelton at gskelton@rda.ie  if you would like to find out more information or discuss implementing an effective estate plan.

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