Estate Planning is a comprehensive and systematic process that involves the management and organisation of an individual’s assets, financial affairs, and other important matters to ensure that their wishes are carried out in the event of their incapacitation or death.

It typically includes the following key elements.

1. Wills

A will is a legal document that outlines how an individual’s assets and property should be distributed after their death. It allows the person (testator) to specify beneficiaries, the distribution of specific assets, and even the appointment of guardians for minor children.

2. Trusts

Trusts are legal entities that hold and manage assets for the benefit of designated beneficiaries. They can be used to minimize estate taxes, provide for the needs of heirs over time, and maintain a level of control over asset distribution.

3. Power of Attorney

A power of attorney document designates someone to make financial or medical decisions on behalf of the individual in the event of their incapacitation.

4. Healthcare Proxy or Advance Healthcare Directive

These documents allow individuals to appoint someone to make medical decisions for them if they are unable to do so themselves and to express their wishes regarding end-of-life care.