Estate planning

The estate planning process is a lifelong journey that ensures your legal and financial affairs support your legacy and inheritance planning goals.

The process involves:

1. Creating a Will: A valid Will states who you want to inherit your property, names a guardian to care for young children should something happen to you, nominates who will be the executor of your estate and how your assets will be distributed.
2. Safeguarding your Will is a necessary step to ensure your legacy is protected.
3. Calculate the costs of dying: Take stock of the things you currently own and what you owe.
4. Cover the costs of dying: When settling your estate, estate cost cover ensures you have enough money in your estate to cover unforeseen cash shortfalls like administrative and professional fees.
5. Consider setting up a Trust to support, protect and manage wealth and assets for vulnerable beneficiaries.
6. Appointing an estate planning professional: A Momentum consultant can assist you with a well-constructed estate plan according to your financial goals and needs to ensure your assets are securely and efficiently distributed to your beneficiaries.

Estate planning is crucial for all income earners, no matter where you are in your financial journey and should be started as soon as possible.

Estate planning focuses on planning and managing how your assets and wealth get distributed after you die or if you become incapacitated.

Legacy planning gives purpose to what you leave behind, helping you define how your wealth and values can benefit the people who matter most.

Financial planning focuses on managing your finances throughout your lifetime to meet your short and long-term goals.

All three are connected. Your estate plan brings these considerations together, helping ensure that the wealth and assets you’re accumulating during your lifetime supports your legacy planning goals, protects your loved ones when you’re no longer around and is ultimately passed on according to your wishes.