Estate Planning

Estate Planning is "the process of making proper arrangements for the Protection, Preservation and Provision of a person’s assets for the benefit of his/her family and loved ones after his/her time". It encompasses maintaining and enhancing of financial security,standard of living and welfare of the intended class of beneficiaries.

Life is always unpredicitable. Hence it is necessary for each and every person to plan for these unpredictable events. An estate plan can put you in control of your legacy. However, many people think building this type of plan might not be for them.

The objectives of Estate Planning

• To ensure that the assets will provide the client with the necessary income and resources upon which to live.
• To ensure that at the time of one’s death, the assets go to the people where one intended to go
• To minimize the fees and any associated costs in inheritance of the the estate

Benefits of Estate Planning :

• Provide for your immediate family. The estate plan will provide enough money for your surviving spouse to continue to care for the family. If both you and your spouse pass, an estate plan will name appointed guardians to care for your children.
• Ensure property goes to the right beneficiaries Your estate plan will outline exactly where your assets are to go in the event of your death. This leaves no questions to be resolved by the courts or cause for family discord.
• Minimize the expenses and costs. When you take care to create an estate plan, you should be able to minimize the cost of transferring any property to your named beneficiaries.
• Plan for any kind of incapacity Life is unpredictable. If you should ever become mentally or physically incapacitated, an estate plan will outline your wishes regarding life and who will make medical decisions on your behalf.
• Establish trustees over your estate. You’ll need someone to serve as the executor of your estate to make sure everything is handled properly. Your estate plan will name this person, which will save money and simplify the administration process.
• Provide for those who may need help Do you have a child who has a disability? Or perhaps you have grandchildren who will be attending college in the future. Through your estate plan, you can set up a special trust to provide funds to support them.
• Ensure a business continues with a succession plan If you own your own business, you’ll want to establish some kind of plan to keep it going after you pass. An estate plan will name your successor and outline what happens to your interest in the business.
• Support a favorite cause. If you are passionate about a local cause or charitable organization, an estate plan can allow you to support them after your passing.