Estate Planning And Wills
One of the more commonly used estate planning tools to avoid or reduce Estate Administration Tax is joint ownership or a joint bank account. When two people own an asset jointly, and one owner dies, the remaining joint owner takes ownership of the entire asset by right of survivorship, thus causing the asset to pass entirely outside of the estate of the deceased person.
If you have been named as an executor, there are important considerations to be aware of and you may wish to take a look at what the responsibilities are prior to accepting the role.
All too often I hear unnecessary stories of families fighting for control, trying to make decisions they have no authority to make and almost coming to blows because a loved one is ill and there are no directives in place granting permission for care. In some cases, plans had been made but had not been reviewed for years and were outdated.
As non-traditional families become more commonplace, practitioners to be aware of the myriad special circumstances which exist in contemporary family settings during estate planning and advise their clients after reflecting upon both current and prospective issues respecting the family in question.