Estate Planning: Protect Your Legacy

An estate is the total of a person's possessions, both real and personal. In simple words, the estate is everything that you own and owe.

Estate planning is the process of organizing your assets and liabilities in order to provide for yourself and your loved ones in the event of your demise. This includes creating a will, setting up trusts, and assigning power of attorney.

Estate planning is just as important as financial and business planning, because it determines how you want your assets and your family to be handled after you die.

If you don’t plan ahead, when you die, you may leave behind a substantial amount of debt, which could cause significant problems for your family members and loved ones who are left to deal with the financial burden of dealing with your debts after you. Hence, it is important to start estate planning early as possible

How long do you think your estate will last? If you’re like most people, you probably don’t spend much time thinking about this. However, planning ahead will help make sure that those closest to you are protected in the event of your demise or if you become incapacitated in the future. A will, known as a last will and testament, outlines how your property will be distributed upon passing away and can also specify guardianship of children if they are underage at the time of your death. A living trust can do all of this and more by allowing assets to pass to beneficiaries while you’re still living. Follow these steps today to protect your family tomorrow!

• List what you own and owe: Create a list of assets you hold and debts you owe. This will help your family and executor to complete the process rightly.
• Know your beneficiaries: Know to whom you wish to pass your assets and get them managed. Make sure your assets are going in right possession
• Appoint Executor: Appoint an executor to execute your plan on your behalf. Get your assets transferred to your beneficiaries by fulfilling all legal obligations.

Estate planning is not as difficult or expensive as it seems. With some careful planning and help from financial advisors and attorneys, you can create a comprehensive estate plan that will protect your family and your property without breaking the bank. However, if you want to start arranging your will, trust, and other important legal documents now, it might cost between ₹10,000 to ₹30,000 depending upon your legal and financial requirements.

Probate is a legal process that occurs after someone dies. During probate, the deceased person's estate is divided up and distributed to their heirs according to their will. Will plays an important role here. If someone does not have a valid will, their assets will be distributed by the state according to state law.

You should contact our experienced estate planning experts to help you create your plan.