WHAT IS ESTATE PLANNING?
Estate Planning is systematic planning to distribute one's estate according to his wishes in the future. It means distribution of assets as per one’s own wishes using various estate planning tools.
WHO NEEDS AN ESTATE PLAN?
And our mind would be constantly arguing over, ‘I don’t need an Estate Plan, I’m not too Old, I’m not Rich, Or are in complete denial of talking about it because as it focuses about life after death or death as a whole.
We do not know what the future holds for us. We might be in a good shape today, but the very next day we might be crippled. Estate planning doesn’t focus on the idea of death, but it also deals with situations where a person can be seriously injured or is in no state to make any financial or medical decisions.
But estate planning isn’t for the Rich or the Old, its meant for each and everyone of us.
We all will see a lot many cases right around us that would require an estate plan to be in place.
We Have Cases Of:
-Parents with special needs children.
-Parents with minor children.
-Small and Big business owners.
-Individuals with constant worry of how their assets would has been distributed after his or her death.
-Individuals fearing sudden disability.
-Individuals who own multiple assets.
-Individuals who are in an occupation that involves high liabilities.
WHY ESTATE PLANNING?
ESTATE PLANNING IS NOT ONLY ABOUT DISTRIBUTING WEALTH
The reason for creating an estate plan is for the people you will be leaving behind you after your death. We wouldn’t want our family or near and dear ones fighting over our property or assets. Estate planning allows smooth transfer of assets from one generation to another without major paper work, estate taxes, fees or any other court costs.
We all go through this life cycle/ life stages:
1. All Well And Full of Life- during this stage we never really think of preparing a WILL. As our health is permitting us to have total control of our assets.
2. When you are in no control of things – an uncertain event takes place and leave you either physically or mentally incapacitated. That's when the worry begins.
3. When you pass away - what happens when you die without creating a WILL.
Are you well prepared for the stages 2 and 3 above?
FACTS -Did you know?
If you do not create a WILL or a proper plan for distribution of wealth an assets, the law gets to decide on your behalf?
Few Questions That You Should Answer For Yourself if you are still in two minds
1. Do you want to have full control over your property while you are alive?
2. Do you wish to take care of yourself and your family after an uncertain event like disability or death?
3. Do you want to make sure that the assets you own go to the right person after your death?
4. Do you wish to save costs or court cost related fees only for the transfer of Your Wealth?
Think About It!