The Importance of Professional Financial and Estate Planning

Estate planning provides you with peace of mind that your estate is passed as per your wishes! Yes, it is a piece of paper, but this piece of paper in the simplest terms involves two actions:

1. Putting in writing the names of the people you would want to take care of your loved ones, your finances, and your health care if you can't anymore by telling them what you would want them to do.
2. Using the appropriate legal documents so that in case of death or complete disability, the money and things you've worked so hard to acquire go to whomever you wish instead of being divided among family according to current legislation.
3. Estate planning provides you with peace of mind that your estate is passed on in the most efficient and tax effective way possible.

Despite being one of the most critical areas in the total management of your financial affairs, estate planning is often overlooked, as many people think that a Will is sufficient.

A Will deals with the distribution of assets personally owned by you, but if your needs are more complex, an estate plan extends to asset protection and the on-going minimisation of income tax for your beneficiaries. The complexity and legal implications of Estate Planning are aspects that many people simply do not address adequately.

At Silke Financial Services we are professionally qualified to provide our clients with the full range of services across the spectrum of financial, investment and estate planning.

Professional Financial and Estate Planning takes into account a number of laws such as the Income Tax Act and the Estate Duty Act. Silke Financial Services has the skill and expertise to objectively advise clients on matters such as:

• Will preparation
• Appointing a trustee and/or executor to carry out your wishes as per your will
• Determining whether a Power of Attorney is required and who it should be
• Establishing a discretionary or family trust to protect your wealth
• Establishing a testamentary trust to reduce your family's tax liability after the main breadwinner's death

In closing - nothing can happen automatically at your death. You cannot assume that because you've told little Morganne that she will get your train set, that she will get it easily and quickly. Lots of paperwork follows a death. Wills and trusts are what help set up the paperwork and allow for the transfer of "wishes".

Everyone can benefit from estate planning, regardless of the amount of money you have, your age, or your family status!