Page 12 - Bespoke EPG 2017 Digital

TOOLS FOR ESTATE PLANNING

Introduction

Once planning objectives have been set, the next step is for the team is to
decide on which tools are most appropriate to execute the plan.
■■ In estate planning, there are plenty of tools available, such as:

◆◆ The Last Will and Testament
◆◆ Bequests
◆◆ Trusts
◆◆ Donations
◆◆ Choosing an appropriate matrimonial property regime
◆◆ Using life insurance to assist with liquidity
◆◆ Living annuities
◆◆ Tax structuring

Whichever technique(s) or tool(s) the estate planner decides to use, he
should ensure that each mechanism operates in co-ordination with his
ultimate wishes. The estate planner’s Last Will and Testament, inter vivos
trust structure, and beneficiary arrangements stipulated in life insurance
policies, all operate independently of each other, yet should be co-ordinated
to reflect the estate planner’s ultimate wishes and estate planning goals. The
estate planning team needs to work together to achieve a coordinated plan.

The Last Will and Testament

■■ This is one of the most important tools in an estate plan.
■■ Every estate planner should have a Last Will and Testament, which is

reviewed and updated on a regular basis.
■■ A carefully structured and written Last Will and Testament can meet many of

the estate planner’s goals – including reducing estate duty liability, providing

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