Estate Planning Essentials for Your Legacy

Estate Planning Essentials for Your Legacy

“Estate planning is an important and everlasting gift you can give your family. And setting up a smooth inheritance isn’t as hard as you might think” Suze Orman

3 min read

Estate Planning Essentials

Estate Planning Essentials for Your Legacy

“Estate planning is an important and everlasting gift you can give your family. And setting up a smooth inheritance isn’t as hard as you might think” Suze Orman

3 min read

Estate planning is a vital aspect of financial planning that often receives less attention than other areas. Whilst topics like budgeting, investing and retirement planning are quite commonly referenced and may seem more immediate, neglecting estate planning can have significant consequences for your loved ones and the legacy you leave behind.

Today, we are here to give you the estate planning essentials you need to ensure this area of your planning can be managed effectively.

First Things First, Draft a Will

Drafting a Will is a great place to start with your estate planning. It will allow you to specify how your assets will be distributed among your beneficiaries should the worst occur. A well-written Will should outline your wishes regarding property, finances, and personal belongings, leaving no room for ambiguity or disputes amongst your heirs.

In addition to asset distribution, your Will can address other important considerations, such as the appointment of guardians for minor children and the designation of an executor to manage your estate.

We recommend seeking legal advice to ensure that your Will complies with applicable laws and accurately reflects your intentions, though this is not always necessary. You should also review your will on an ongoing basis to reflect any changes in your circumstances.

Establishing Trusts for Asset Protection

Establishing trusts can be an effective way to protect your assets and provide for your beneficiaries in a controlled manner. Trusts offer flexibility in asset management, allowing you to specify conditions for distributions and appoint trustees to oversee the administration of assets.

By placing assets in trusts, you can shield them from creditors, minimise estate taxes, and ensure that they are preserved for the intended beneficiaries. There are various types of trusts available, each serving different purposes and offering unique benefits.

For this, we recommend consulting with a legal Adviser or Patterson Mills Financial Adviser to help you determine the most suitable trust structure for your estate planning requirements.

Maximising Tax Efficiency through Estate Planning Strategies

Estate planning offers opportunities to minimise tax liabilities and maximise the value of your estate for future generations. By employing various tax-efficient strategies, you can reduce the impact of estate taxes, income taxes, and capital gains taxes on your assets, preserving more wealth for your heirs. Strategies include gifting, charitable giving, and the use of trusts (as above). These can help you achieve your objectives whils also leaving a lasting legacy.

One common tax-saving strategy in estate planning is the annual gifting of assets to beneficiaries, which can help reduce the size of your taxable estate over time. It is important that you check whether this is applicable in your country of residence.

Additionally, charitable giving through vehicles such as donor-advised funds or charitable trusts can provide tax benefits while supporting causes that align with your values. By incorporating these strategies into your estate plan and working closely with tax professionals, you can optimize the tax efficiency of your estate and leave a lasting financial legacy for future generations.

Planning for Potential Incapacity in Advance

In addition to addressing the distribution of assets after death, estate planning also involves preparing for potential incapacity during your lifetime. Authorisations such as a power of attorney allow you to designate those you trust to make financial and medical decisions on your behalf, should you be unable to do so. These documents ensure that your wishes are respected and that your affairs are managed according to your preferences even if you are unable to communicate them directly.

Authorisations such as these are essential for everyone, regardless of age or health status, as unexpected events can occur at any time. By proactively planning, you can avoid potential conflicts and legal complications whilst ensuring that your interests are protected and your financial and healthcare decisions are handled by those that you trust.

Reviewing and Updating Your Estate Plan Regularly

Estate planning is not a one-off exercise. Rather, it is an ongoing process that requires regular review and updates to reflect changes in your life circumstances and financial situation. Life events such as marriage, divorce, the birth of children, or significant changes in assets should prompt a reassessment of your estate plan to ensure that it remains relevant.

To ensure that your estate planning requirements are managed professionally and effectively, get in touch with Patterson Mills and book your initial, no-cost and no-obligation meeting. You will thank yourself later!

Send us an e-mail to or call us direct at +41 21 801 36 84 and we shall be pleased to assist you.

Please note that all content within this article has been prepared for information purposes only. This article does not constitute financial, legal or tax advice. Always ensure you speak to a regulated Financial Adviser before making any financial decisions.

Financial Planning

The Growing Need for Intergenerational Planning

The Growing Need for Intergenerational Planning

“The future of our families, of the generations to come, lies in what we do today, in what we speak today” – Vichell Gudes

2 min read

The Growing Need for Intergenerational Planning

“The future of our families, of the generations to come, lies in what we do today, in what we speak today” – Vichell Gudes

2 min read

With the next 30 years set to witness the largest ever intergenerational passing of wealth, the need for generational wealth and estate planning has never been greater. Intergenerational planning, however, can also help with more immediate financial needs, particularly when generations work collaboratively to find solutions that support the whole family both now and in the future.

Inflation concerns

Currently, financial pressures are proving a key challenge across all generations, especially the impact of rising energy and health insurance costs as we move towards the winter period. The cost-of-living, though, is not only impacting people’s current spending power but also their future decision-making capabilities with regard to key issues such as housing, private education or University.

Balancing current and future needs

This has resulted in families increasingly adopting integrated strategies in order to address imminent financial challenges. While reducing future tax liabilities inevitably remains at the heart of intergenerational planning decisions, the growing necessity to balance today’s and tomorrow’s needs is resulting in the focus shifting to support for children and grandchildren now.

Involving the generations

Intergenerational planning tends to be most effective when the process is not just focused on those who currently hold wealth. While funding a comfortable retirement and quality of care for the ‘caretaker’ generations remain fundamental elements of intergenerational planning, delivery of support for the coming generations and ensuring wealth passes efficiently to the right individuals at the right time have become increasingly important dimensions.

More families share an Adviser

Greater involvement across multiple generations has also seen sharing a Financial Adviser become increasingly commonplace. This trend offers significant benefits, particularly when it comes to joining up a whole family’s needs with inheritance and gifting strategies, while treating all family members fairly.

Encouraging conversations

If your family needs help with any aspect of intergenerational planning, then please get in touch. We will be happy to assist you by encouraging more open financial conversations across the generations and providing essential guidance so you can never be in doubt about your next steps.

Get in touch today and book your initial, free, no-obligation meeting. Send us an e-mail to or call us direct at +41 21 801 36 84.