Estate planning isn’t just for wealthy old people. If you’re an adult, you need an estate plan. This spells out what happens to your property when you die. While the law provides default rules for people who don’t specify their intentions, you might be surprised by what those rules say and how much it costs to correct your failure to make a simple will.

For the average person, an estate plan is simply a will (or “last will and testament”). This document spells out who gets what from your estate. Your handwritten will can be valid, but it’s safest to have a lawyer draft your will and walk you through the formal execution ceremony. If you have a spouse or children, you really need a will to ensure they are properly taken care of.

How should medical decisions be made for you in the event of an accident? Without the appropriate legal papers, your next of kin will attempt to make the decisions that you would want. But does he or she know all your wishes?

You should protect your health care decisions by at least appointing a care and welfare enduring power of attorney. This designates the person who will make your decisions. They are bound to make the decisions that you want, not necessarily what they think is best.

To go the extra mile, you can execute a living will. This document attempts to set forth your wishes for different medical scenarios. Then your care and welfare agent will be bound to act according to this document. If you neglect both of these health care documents, your life might be in the hands of someone you don’t trust.

Do you have a life insurance policy or retirement plan? Who are your beneficiaries? If your estate is listed as the beneficiary, your heirs could be in for a surprise when you pass away.

Life insurance and retirement plans automatically pay the designated beneficiary when the policy holder dies. To make sure your family or other heirs get this money, you should designate them by name as the beneficiaries. If your estate gets paid directly, the true beneficiaries will be in for a long wait before they can be paid anything. And your creditors might claim the money before anyone else can be paid. Those beneficiary blanks are critical.

Property insurance isn’t just for homeowners. Even if you rent, you need insurance protection. Homeowner’s or renter’s insurance primarily covers against loss to your property due to damage or theft. But it can also be important if you’re ever sued.

When guests come onto your property, you legally take on a certain amount of liability for their safety. If a guest is injured while on your property, you could be held responsible. You could also be held liable for part of any damage done to the landlords property if you contributed to that loss, for example throwing water over a fat fire that spread to destroy much of the property.

If you run your own business, you should consider a limited liability business entity. Running a sole proprietorship is simple, but it exposes you and your family to certain risks. Creditors and people you have possibly wronged can come after you personally. Your business could be putting the family home at risk.

To solve this problem, you can easily setup a limited liability company (LLC). Then when you sign contracts and incur business debts, you are only putting the business on the line. It’s important to run the business properly to maintain your liability shield. But without the formal business entity, you have no hope of limiting your personal liability.

Most individuals wake up each day and travel in to work or not,with no real short and long term plan in life of their goals in life both financially and lifestyle wise.Just like the successful businesses in the world you need to set in writing and review regularly a plan of your goals in life otherwise you will probably feel like you have failed to achieve somethings in life at a later date when time will invariably run out. You will have a multitude of questions which you may not know how to answer,like,how long do you want to stay working?,will the mortgage be paid off by retirement?,how long do you expect to be retired?,how good is your health? what is most important to you and is it worth protecting above all else? I can help you answer alot of these and other questions and set in place a plan that I will help you review on a regular basis of your choosing,I will take these issues seriously and be there for you when you need me and my advice.

The Key tasks are;
1. Prepare a business plan first (SWOT Analysis;personal goals and business goals;identify clients and competitors;develop marketing plan;prepare budgets and identify location)
2. Form professional relationships(Select Lawyer,Accountant,Bank,choose legal identity,create business,obtain insurance,establish line of credit and funding if required)
3.Set up the business (secure leases or purchase premises,acquire fittings and equipment,obtain licences,permits,consents,IRD registration,join professional organisations for networking,link with suppliers,hire staff if required, set up admin and accounting systems)