“The things you do for yourself are gone, but the things you do for others remain your legacy.”

If you’re a Bollywood fan, you must have watched hundreds of movies where disputes among elder properties have played a central role. Inheriting the legacy of elderly people has been a contentious issue throughout history.

Now, are the disputes good? Obviously NO! Who is to be blamed for this?

Lack of estate planning is the ONLY devil here. It not only disrupts the harmony of a family but also your estates could end up in the wrong hands. This is a necessary step to ensure that things run smoothly for your family in your absence.

Over the course of your life, you have built a number of assets and investments. Can you imagine how these assets or investments would fare if you suddenly passed away? Is it possible for these assets and investments to fall into the wrong hands? Does your charity have the same chance of thriving as it did when you were around?

What do you mean by estate planning?

A common myth that the Indians have carried with them for this long is that estate planning is for the ‘rich and wealthy’ and that it is a Western concept. Well, it’s time to break the myth! Estate planning is not solely for the wealthy; it's a crucial practice for anyone who wishes to provide for their loved ones and have control over the distribution of their assets.

Estate planning is the meticulous process of arranging and managing one's assets, properties, and financial affairs to ensure a smooth and organized transfer of wealth to chosen beneficiaries upon one's death. It involves crafting legal documents such as wills, trusts, and powers of attorney to outline your wishes, protect your assets, and minimize estate taxes. Effective estate planning not only offers financial security but also peace of mind, ensuring that your legacy is preserved and your family's future is safeguarded!

Why is estate planning a crucial step?

What are the elements of estate planning?

A comprehensive estate plan includes the following components:

TRUST vs. WILL: Which is the better option?

Trusts and wills perform a similar function: they allow you to distribute your assets to the people you want to have them with after you die. Legally, they do this in different ways.

It is important to remember that a trust is an agreement between two parties in which one party (the settlor or grantor) grants a second party (the trustee) authority to hold assets and property on behalf of and for the benefit of a third party (the beneficiary). Trusts can be living, testamentary, revocable, or irrevocable.

However, revocable and irrevocable trusts are the two most common types:

Wills and trusts are both good estate planning tools, but the best way to make one is to be aware of your needs and the available tools. Your circumstances will determine the ideal estate planning tool for you.
Many people with simple estates can get by with merely an ordinary will. There are various situations where creating a trust could be beneficial, such as:

• You have a sizable or challenging estate.
• You want to avoid the expense and inconvenience of probate court because you operate a business
• You desire a quiet transfer of your assets to your heirs.

Everyone should make end-of-life preparations, whether that involves creating a trust or a will. Planning ensures that your loved ones are safe and that your legacy is established.