Estate planning refers to the process of building a bridge from one generation to the next one by passing on your assets during or after your lifetime.
Simply put, Estate planning involves making plans for the transfer of your estate to your legal heirs in the event of death or disability. It includes distribution of the real and personal property in a manner maximizing goals of the estate owner.
Estate is all the property that you own. It can include cash, property, income from property, deposits, jewellery, retirement proceeds, investment and savings accounts etc. Estate planning is essential for all, regardless of one’s economic standing. Run an audit on your assets and you would be surprised at its size.
Estate planning is something that should be done when a person is legally competent, which means that the person must be of sound mind and at least 18 years old. It should also be done when the owner of the estate is in good health and free from emotional stress.
Some of the vehicles for estate planning includes :- Trust, Will, POA, Gift, Life Insurance
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