MCS 2100 Lecture Notes - Lecture 11: Settlor, Estate Planning, Tax Rate
Document Summary
Things such as wills and trusts are useful to more than just the rich and elderly. They allow for planning of financial affairs in the present to avoid confusion or family fights in the future. Estate planning is a definite plan for the administration and disposition of one"s property during one"s lifetime and at one"s death. Essential part of retirement and financial planning. 2 components: building estate through savings, investments and insurance, second, transferring estate at time of death in manner specified. Getting married will usually void will, divorce can void a part of one. Impact on the capacity to order the disposition of your estate. If your spouse passes your estate may be denoted to be used to provide for rest of family. In the case of a divorce, equal division between spouses family assets acquired during the marriage. Where: can become complicated so keep beneficiaries updated. Pension can trump will but for the most part will trumps all.