Estate Planning

Basics of Estate Planning?

What ?

• Plan of passing assets or investments down from one generation to the next generation. ( to whom and how, after your demise.)

• Review periodically and make necessary changes as and when required.

Note : Assets (physical, financial and online) self-acquired and earned by you.

Why?

• Many disputes often happen over money in today’s world.

• Nominee is not enough (like trustee/caretaker)

• Can protect the long-term financial well-being of our family.

• Minimize legal complications & ensure long-term financial interest of your loved ones.

• Can decide who will handle all your financial affairs & medical and health-related decisions for you (during old age)

How ?

• Make a list of assets  you own & how to distribute the estate.

• Transfer by (Will /Trust) .. Read more here

• Execute the Estate Plan & Review periodically.

Nomination, Trust and the Will? What is the difference?

• Nominee is just a care-taker and the final ownership will be claimed by legal heirs only.

• Will is a legal document stating how your wealth should be distributed among a set of people and under what conditions.

• TRUST allows for distribution over time, in case you do not trust the beneficiary to handle all assets at once. 

• If no will, division of wealth happens as per succession laws, which are laws defined by the country.

• Joint Account is more powerful , but need to have high trust on that person, else things can go ugly.

Select the right Estate Planner. Click to Read more here
Taking Professional Help &  Registering a will .. Read more here