Estate planning is the term used to describe multiple tasks undertaken in life to manage the asset base of an individual following their death or incapacitation. This includes determining how these assets will be divided, as well as strategies for reducing the tax burden on beneficiaries.

1. Estate Planning
Explained
b y D r E d g a r P a l t z e r

2. 2
ESTATEPLANNING
EXPLAINED
Estate planning is the term
used to describe multiple
tasks undertaken in life to
manage the asset base of an
individual following their death
or incapacitation. This includes
determining how these assets
will be divided, as well as
strategies for reducing the tax
burden on beneficiaries.
Last Will and Testament
One of the key documents in an estate plan
is the last will and testament. This document
provides instructions as to how assets should
be divided. It can also include instructions on
custody of minor dependents if applicable,
as well as appointing an executor. A properly
drawn up and witnessed last will and testament
is a legal document that courts must abide by in
the event of a dispute.

3. 3
Limiting Taxes
Many people include strategies
within their estate plan to mini-
mise taxes on their assets. These
could include the establishment
of trusts, charitable donations,
and directing assets and invest-
ments appropriately.
Naming
Beneficiaries
Estate plans ensure that assets
are divided fairly in accordance
with the wishes of the bene-
factor and also allows them to
select their beneficiaries.
Many people include
strategies within their
estate plan to minimise
taxes on their assets.
These could include the
establishment of trusts,
charitable donations,
and directing assets
and investments
appropriately.

4. Talking to parents about an
estate plan can be daunting;
you can learn more about
how to do this by visiting the
blog of Dr Edgar Paltzer.