Estate Planning 101

Your estate is essentially all that you own which you will be able to distribute upon your death.

An estate plan is designed to make sure your family is taken care of after you are gone — and to see that your money and property are dispersed in the way which you want it to be. There are a number of tools available to build an effective estate plan; these include a Last Will and Testament, a Power of Attorney and various types of Trust. 

What is a Last Will and Testament?

A Last Will and Testament is a legal document that sets out your preferences regarding asset distribution after your death, such as who will inherit your personal belongings, your money, or your home.

The person making a Will is known as the "testator," while the individual or organization appointed to oversee the testator's estate after death is called the "executor." 

As a result of having this essential document, your executor(s) will have a clear guide as to how you desired your assets to be distributed.

You can use your Last Will and Testament to do the following:

a. distribute your property according to your wishes after your death.

b. specify the people or organisations which will and will not receive your property after your death.

c. list the person or group who will carry out the terms of the last Will.

d. name who's responsible for minor children if their other parent is unable to take care of them.

e. ensure that certain people can access your digital assets, such as saved documents, photos, email accounts, social media websites, online backup services, file sharing websites, domain names and other accounts or digital property.