Planning for you future includes making sure that assets will be safely passed on to your family so that they will be taken care of if you are no longer around to provide.
Even if you don’t have an immediate family, you want to make sure that your assets get distributed according to your wishes.
Estate planning also includes putting mechanisms in place to assist you if you are ever put in the position where you cannot make your wishes know.
Richard Cayne of Meyer International wants you to understand the fundamentals of estate planning.
Issues to consider
Probate: this is usually the first step to confirming the validity of a will. There are occasions when this can be a gruelling process. But there are steps that you can take to lessen the impact of this possible road block.
Estate taxes: when death and taxes collide. Depending on the jurisdiction, your estate may be subject to onerous estate taxes before it is released to your heirs. Richard Cayne says, “there are tools, such as shared property and trusts, revocable and living, that can help your family retain your hard earned assets.”
Conflicts: save the family you leave behind from lengthy legal battles where the lawyers end up winning. Consider your various contingencies and put them in place so your family can continue in peace after you go – even if you are just incapacitated.
Protect your heirs: If your plan involves minors or adults susceptible to bad decisions or outside influences, not to mention creditors, you should do your best to protect their interests.
Richard Cayne: “Prudent estate planning can help your family stay together and prosper as you would wish, avoiding unnecessary court appearances and preventing exploitation by unscrupulous parties.”
Protect your assets: financial planning extends to after you’re gone. Your assets will continue to be of value to your heirs, and you want to make that that value is not lost due to slipshod planning.
Some basic instruments for your estate planning:
- Basic will: outlines estate distribution after your death
- Revocable or living trust: methods to avoid the probate process
- Durable power of attorney: you appoint someone to act on your behalf
- Healthcare proxy: you appoint someone to make healthcare decisions on your behalf
- Financial records: clear listing of financial information
“Just some simple steps,” says Richard, “can smooth the path for the future.”
To continue this information, contact Richard Cayne at Meyer International.
About Richard Cayne
Richard Cayne is originally from Montreal, Canada, and currently resides in Bangkok Thailand with his wife Akiko Cayne and their two young children. He runs the Meyer Group of Companies (www.meyerjapan.com). Previously, he resided in Tokyo, Japan, for over 15 years, advising high-net worth Japanese families.
Richard has over 19 years of experience creating innovative international tax and wealth management solutions. He is also currently the CEO of Asia Wealth Group Holdings Limited (https://www.asiawealthgroup.com), an ISDX (ICAP Securities & Derivatives Exchange, a London-based stock exchange) listed Financial Holdings Company.
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