Pitt & Moore

Estate planning – have you done yours?

Estate planning means different things to different people and can sound complicated. Put simply, it means planning what is to happen when you die or if you lose mental capacity, and then recording that plan in legally enforceable documentation.

Questions to consider are:

• Who do you trust to make decisions for you in relation to your personal care and welfare and your property if you are unable to make those decisions yourself due to mental incapacity?

• Who should benefit from or receive your assets when you die, and who do you want to entrust with the responsibility of making sure this happens?

• If you have established a family trust and you are a trustee, who should replace you as a trustee if you lose mental capacity or die? Do co-trustees understand special family circumstances or your wishes in relation to particular assets and ultimate distribution of the trust assets and is this recorded? If you hold special powers, for example to appoint and remove trustees, who will exercise these powers if you are not able to?

• Do you wish to record in advance how you should be medically looked after if you become seriously unwell but are unable to communicate your wishes?

Who should benefit from or receive your assets when you die, and who do you want to entrust with the responsibility of making sure this happens?

Gain peace of mind about your estate planning by ensuring that you have Enduring Powers of Attorney and an up to date will in place. Consider if you need to address some of the other questions raised above. The senior law and succession team at Pitt and Moore are able to provide accurate and practical advice and can assist you in the preparation of all estate planning documentation.