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Estate Planning Strategies by Beneficiary

The People in Your Life Matter

It’s essential to work out who your beneficiaries will be and see what options are available for them.

A beneficiary is someone who inherits your assets from you.  It would be best if you decided who should get your assets.

Look at the following when you do your estate planning:

  • Reduce taxes where you can.
  • Make sure your spouse or partner or beneficiaries are looked after.
  • Donate to your favourite charity.
  • Make sure your affairs are well looked after in the event of you becoming ill.

Speak to a financial advisor or your attorney or a tax advisor when doing estate planning.

Gifts Are an Option

Here are some options to look at:

  • The annual gift tax exemption will help you reduce the size of your estate and thereby reduce your inheritance tax.¹
  • Look at paying educational and medical expenses for family members. If you pay the institution directly, you avoid the gift tax.²
  • Invest in a grandchild’s retirement future. Speak to a financial advisor for independent advice on the various options available to you.

Common Questions

What Is Meant by Estate Planning?
When Should You Do Estate Planning?
What Is the Difference Between Will & Estate Planning?
What Are the Advantages of Estate Planning?

In Conclusion

Putting strategies in place to work out how best to distribute your estate is something important we all have to do. It’s essential to look at your financial affairs and carefully plan out how you want your assets to be distributed when you die. Estate planning can help you to look at the options available to you to make sure your beneficiaries will be looked after when you are deceased.  

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