Wealth Planning & Estate Planning

Estate Planning and Wealth Distribution are similar. Both have the same objective with the same meaning. It is the distribution of assets to heirs or heiress after death.

It looks at what the wishes of the individual would be and how he/she would like the assets distributed and how and in some cases what manner. It also takes a look at the amount of death taxes that would require for the relevant government to released the est of the estate to beneficiaries.

In some countries, there are no death taxes or estate duties. Countries such as Singapore falls in that category.

Go to wealth experts and ask a wealth query with regards to Estate Planning.

Let us now look at the important aspects of Estate Planning.

Again we look at the 5 Driving Forces                                            to determine our direction.

The 5 driving forces are Wealth Aspirations, Strategic Wealth Analysis, Strategic Wealth Planning, Wealth Action and Wealth Management.

Wealth Aspirations
This part of the aspirations is usually the wishes of the person on how he/she wants the estate to be distributed and in what manner. For example, would a trust be required? Are wills done? Are there any special request? Is there an organization that you would want to benefit something?

Think through it, write it down and prioritize them.

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Strategic Wealth Analysis
Next step is to start analysing a few things:
1. What is the best option for all the needs that you have?

2. Work out the outcome of each option.

3. Work the cost of estate planning.

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Strategic Wealth Planning
Sit down and plan what is needed to make your final wishes come through. Have a proper plan so that you can work on it.

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Wealth Action
Work on your plan. You usually need the expertise of a lawyer or solicitor in this instance.

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Wealth Management
Beware of changes such as marriage, new born, career changes, additional assets acquired and assets dispose off. All these changes would render your plan and action redundant. Therefore always ensure changes are looked into so that every area is covered.

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