This month, Appleton Managing Director, Lauren Hean, discusses the need for proper and thorough estate planning as a new year’s resolution! Firstly, may we take this opportunity to wish all clients a very happy and successful 2023. January is the month that we make (and often break) our new year’s resolution, but this year we would ask you to make one resolution and stick to it and that is plan your estate. By this we mean please ensure that not only is your Will up to date (including specifying your latest wishes), but also set up an appointment with your wealth specialist or financial advisor to ensure that your estate is optimally structured for tax purposes as well as ensuring it has sufficient liquidity. On this latter point, it is alarming to note that research indicates that less than 30% of all deceased estates have sufficient liquidity to pay for all the attendant costs involved in the administration process. Stated differently, some 70% of all estates will require the forced sale of assets or a contribution by beneficiaries to pay for the costs involved in winding up the estate. For some, leaving an illiquid estate is “somebody else’s problem”. But […]
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