The Cone Marshall law firm, a successful legal practice located in New Zealand, has recently conducted an informative group session where representatives from the firm discussed the essential elements to estate planning and explained the importance of developing an estate plan with a reputable law firm. When most people think of estate planning, they think of creating a will for the future care of family members and other relatives. According the associates at Cone Marshall, however, estate planning is an intricate process that should include many aspects in addition to a will. Cone Marshall representatives stated that a proper estate plan should include at minimum, a trust, a power of attorney, and a last will and testament.
Establishment of a Trust Account
Cone Marshall representatives stated that the establishment of a trust account was vital in the development of a well-rounded estate plan. Trust accounts protect the family’s financial assets from harsh tax laws or greedy family members. Trusts can be developed to benefit the relatives that the trustees deem worthy of attaining the financial value. By creating a trust fund, individuals can ensure that family members are well cared for in the event of an emergency.
Establishment of Power of Attorney
Representatives of the Cone Marshall law firm also emphasized the importance of the establishment of a reputable power of attorney. By choosing a relative to act as the power of attorney to an estate, clients can ensure that their financial resources are managed by a trusted individual. Power of Attorney regulations can be adjusted to fit the needs of the acting parties and can be temporary or long term. Cone Marshall representatives suggest that clients choose a person to act as power of attorney in case of illness or imminent death.
Establishment of a Last Will and Testament
Cone Marshall representatives also stressed the importance of the establishment of a well-developed last will and testament. The will should be created by a firm that specializes in the development of estate planning services and should also be executed by the same firm. By allowing an expert law firm to establish the last will and testament, clients can ensure that their wishes are received without the undue burden associated with inadequate will preparation. Cone Marshall representatives stated that the combination of these three aspects of an estate plan will lead to the peaceful and secure execution of the family’s estate.