Estate planning is not just for those about to die, or the wealthy ones.

Besides accepting death as a certainty, we must recognize its unpredictability and plan for it.

The benefits of estate planning are many:

• To achieve speedy probate process and payment of estate duty, thus freeing up your assets.
• To distribute one’s wealth according to one's wishes and avoid transfer to unintended beneficiaries.
• To protect the estate against creditors.
• To achieve family unity and avoid disputes.
• To obtain the best terms for assets like business ownership.
• To provide sufficient liquid assets so that real property and businesses and shares can remain intact or be disposed at favorable times.

There are many benefits of preparing a will even if there is no estate duty. Otherwise, your assets will be distributed by a prescribed allocation method under Intestate Succession. (i.e. dying without a will). Do you know that only half of your assets will go to your spouse and the other half to your child (or children)?

You should also consider trusts, but there are many types of trusts so you have to be careful about choosing the right one.

Protect Your Estate and Your Heirs

Think of your estate as a separate legal entity. If you should die, an estate will be created to collect your assets, pay your creditors and distribute what is left to your beneficiaries.

"Probate" assets will pass through an individual's estate and eventually will be distributed to the estate's beneficiaries: those beneficiaries named in the deceased’s will, or if there is no will, beneficiaries will set by state law. Probate assets also are subject to control by the court-appointed executor or administrator of the estate.

Avoid the Costs and Delays of Probate

A tax-qualified retirement account with a designated beneficiary is an example of a "non-probate" asset. The advantage of non-probate assets is that they do not pass through an individual's estate, and are not controlled by the individual's will or by state law. Instead, these assets pass directly to the designated beneficiary, or to appropriate parties according to law.

Because non-probate assets are not controlled by your will, it is very important that you coordinate your retirement account's beneficiary designation with your overall estate plan. Without a proper beneficiary designation, your retirement account would be payable to your estate, becoming a probate asset by default. This could obstruct your intended disposition of assets.