Why it is important:

Your estate plan is not just about who inherits what and when. It is a road map for your loved ones outlining your wishes for when you pass away or can no longer care for yourself.

An estate plan is not just for those with large bank accounts. A good estate plan can provide for transferring a small family business from one generation to the next, allocate funds to a charitable organisation near and dear to your heart, and in the event of an injury or illness allow your loved ones to care for you when you cannot.

Elements of an estate plan:

• Last Will and Testament

• Appointment of Guardians for Minors

• Advance Health Care Directive