Estate Planning Audit

Estate Planning Audit is a review of clients’ asset ownership and distribution during and after their lifetime.

The audit will help clients to identify the risks that are associated with their asset’s legal ownership that can be affected by unforeseen circumstances i.e. bankruptcy, divorce, mental incapacity, or death.

Estate planning audit involves a comprehensive review of an individual’s or family’s financial and non-financial assets, as well as their legal arrangements, to ensure that their estate plan aligns with their current objectives and circumstances. The factors and benefits of an estate planning audit can be summarized as follows:

Factors of Estate Planning Audit:

• Inflation and Economic Factors: Changes in inflation, interest rates, and asset values can impact the effectiveness of existing estate plans and future wealth-transfer strategies.
• Tax Considerations: Tax laws, including income tax and estate tax regulations, can significantly influence the structure and outcomes of estate planning decisions.
• Business Interests: Privately owned business interests can complicate estate planning, requiring careful valuation and consideration of tax laws.
• Asset Ownership and Valuation: The complexity of asset ownership and valuation, especially for properties and business interests, and the fair distribution of assets among heirs are important factors to consider.

Benefits of Estate Planning Audit:

• Liquidity and Tax Planning: Through careful tax planning strategies, estate planning can increase the value of an estate and reduce tax liabilities.
• Beneficiary’s Wealth Protection: An estate plan protects parent’s wealth meant for beneficiaries and young children, minimizing the chances of family strife and legal battles.
• Futureproofing: Regular estate planning audits ensure that the estate plan adapts to changing circumstances, such as property and tax law reforms and economic shifts.

Learn the importance of planning ahead and find out various ways to protect and distribute your assets via wills, nominations, assignments, and trusts.

Discover estate planning tools and tips on how to:

• provide assets liquidity in the event of mental incapacity or a probate
• protect assets against creditor and divorce, and
• preserve your estate for special needs beneficiary.

As a Certified Estate Planner (CEP), I’ll also provide a Will writing Service with a testamentary trust as a part of the audit. 

Role of an Estate Planner

Financial planners and estate planners perform different, but complementary roles. Financial planners assist you in managing wealth during your lifetime.

They help assess financial health and goals, review investment strategies, and help make decisions to promote future financial freedom. Retirement and portfolio planning exemplify valuable services provided by financial planners.

Estate planners assist you in preserving and distributing to beneficiaries the wealth accumulated during your lifetime. They offer advice and services beyond those of any other financial professional.

Estate planners can help ensure your assets are properly organized and protected during life, through trust vehicles for example. They collaborate and review estate planning documents to pave a smooth transfer of your assets upon your incapacity or death.

They can also aid in establishing strategies for “split-interest” transfers of assets (philanthropic or otherwise), which allow you to retain lifetime access to income or property. Upon your death, the remainder of split-interest assets transfer to chosen beneficiaries.