Estate Planning and Trusts
Estate Planning is the process of distribution of your estate (assets less liabilities) in case you die or are unable to take financial decisions on your own.
Ask yourself the following questions:
- What would happen if I die today?
- What would happen to my wealth?
- Does my spouse know about all the insurances, investments, debtors & creditors that I have?
- Will my wealth be distributed as per my wishes?
- Can there be any financial conflicts in my family? Will there be multiple claimants for my assets?
If you are a Business Owner then similar issues apply to your business as well? Is there a succession plan in place and what are the implications of not having one in place?
The first thing you must DO NOW is to MAKE A WILL, thereby avoiding the problems of dying intestate (without a will).
Based on your needs and requirements there are several things such as:
- Wills (Primarily for Personal Assets)
- Power of Attorney
- Family Governance Systems
- Succession Planning
- Corporate Structures such as Holding Company /LLP Model or Holding Company/Trust Model
The aim of quite a few visionary and wealthy individuals is often not just to build and preserve their wealth but also to DISTRIBUTE it meaningfully amongst one or more of their FUTURE GENERATIONS.
There are still others (e.g. Alfred Noble) with a grander vision of what their wealth should achieve for the community, society, and humanity at large.
For such an outlook to be executed accurately the means to the end is getting a trust in place managed by trustworthy trustees.
MFA can help individuals and families at the following levels:
- Advisory: Understanding the clients vision for their wealth and advising them with the appropriate next steps to get it executed.
- Implementation: Meetings with relevant legal personnel and overseeing all the necessary paper-work to set up Trusts.