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Estate Planning in the Vaal Triangle – Vanderbijpark, Vereeniging, Sasolburg and Meyerton
As the saying goes, “nothing is certain but death and taxes”, so it is true in our everyday lives. Throughout our whole lives we work hard to be able to have a peaceful and happy retirement with the only thought that you will eventually die and then be able to leave behind all that you built up through your life to all your loved ones.
But one cannot go and just leave the house or estate to the first relative that claims it. There are crucial steps to take to be sure that all details are in order. This process is called estate planning.
Estate planning is such an important process to plan correctly as this will result in the fair distribution of your estate evenly among your family members. In this way, even after you have gone, you will be sure to know that every family member had been taken care of and all legal costs i.e. attorneys’ fees would have been covered.
Within the process of estate planning, two very important documents would have to be included in order to make the process valid. The two documents are the power of attorney and the will of the estate owner. The power of attorney assists with you managing your estate planning while you are alive and the will assists your attorney to evenly distribute your belongings to the persons as stipulated by you in your will.
Part of modern estate planning is to also include a document called the trust which assists in securing the planning you did regarding your estate when you were still in control of it yourself and prevents any changes being done to your will once you are not alive anymore. This option has been proven to be more powerful than the actual will itself.
Giving your attorney the “power of attorney” during the estate planning process means that, after your death your attorney will have the power to sign and manage the will on your behalf. He will have been thoroughly studied your will in your presence and confirmed on all the points of discussion. It is vital that you and your attorney be on the same level when it come to the understanding of the will and requirements.
Regarding the trusts as part of the estate planning process, it is known that there are quite a few different trusts available, each being customized to suit your individual needs and that of your family members. Here are some examples of very important trusts to consider:
Trusts fall into two categories called testamentary and inter vivos respectively. A testamentary trust is a stagnant trust that you laid out as part of the estate planning and only comes into power once you had passed away. The inter vivos trust falls into action any time stipulated by you during your life on earth.
There are different trusts like living trusts, where the owner has total control over the estate planning and will as long as he lives and he can amend it as he sees fit.
A different type of trust that differs from the above trust is called the irrevocable trust and this is a trust that cannot be amended at any time even by the owner.
As there are many different options and trusts that will have to be discussed before you select one that is suitable to your needs, speak to your estate planning representative as soon as possible so that he/she can assist you in making the most informed decision regarding your assets.