A Quick Take on Estate Planning
Male hands with paper cut family, house model and umbrella on wooden table, life insurance

Estate planning is an important aspect of personal financial planning that ensures adequate peace of mind for the future.

Estate planning is the process of arranging and planning the succession and financial matters in the eventuality of a death or incapacitation of the owner. In short, it involves the creation of a will that is free from ambiguity, is legally compliant and proper for execution once the individual is not around. 

Generally, an individual has a variety of investments to take care of. However, in the eventuality of the demise of the individual, it could become difficult for the immediate family members to trace, identify, transfer, and manage the wealth. This could lead to a loss in case the estate plan executed by an individual is not proper enough. 

Making a will works in most cases. In the case of a minor child or a child with special needs, a private family trust is the most suitable estate planning tool. The creation of a private family trust ensures the health, education, maintenance, financial, and other concerns of the child are well taken care of as a proper guardian is appointed who will take care of the child as per the guidelines provided by the individual when they are not around. 

Estate planning remains unique to every individual. An ambiguously phrased or improperly drafted estate planning could mean a hassle for the family at a later stage. It is, therefore, advised to seek professional help in case of any doubt while undertaking estate planning. This way, an individual will get a tailor-made estate plan that is as per their requirement and free from any ambiguity or concern while addressing all the necessary contingencies. 

You May Also Like

Save Your Tax By Claiming Medical Expenditure Under Section 80D

The current financial year is near to end on 31st March. You…

Senior Citizens: PMVVY or SCSS investment scheme, which one is best?

Due to a fall in the interest rates offered on fixed deposits…

EPFO lowers the interest rate on PF deposits to 8.5% for FY 2019-20

The Employees’ Provident Fund Organisation (EPFO) has notified the interest rate for…