What is Estate Planning?
Your Property, Vehicles, Stocks and other valuables like Gold is your estate. No matter what is the size and value of the estate, you won’t take it after your death. Your Estate has to be transferred to your heirs and this is what Estate Planning is all about.
Estate Planning is a must if you want your estate to be transferred according to your wishes. You can decide whom to transfer, when to transfer and what to transfer. Proper Estate Planning will ensure that there is no dispute between your heirs after your sad demise.
What does Estate Planning Services include?
Estate Planning not just includes instructions to transfer your estate. It includes many more instructions that need to be taken care of by the heirs like instructions associated with:-1. Transferring values, morals and traditions.2. Your care, in case you are disabled or get seriously ill.3. Future Protection of your heirs from Creditors.4. Life Insurance5. Name of the Guardian, in case you have small children.6. Any other special instructions.
Who should do Wills and Estate Planning?
Wills and Estate Planning are meant for everyone, including those with few assets. You can do estate planning at any stage of your life when you think fit because you cannot predict how long will you live.
People do not give much heed to Estate Planning thinking they still have much time to survive or they think such planning is not necessary. Others are confused or they think they are not old enough!
What will happen if you miss wills & estate planning?
Your family is bound to suffer in case you have an estate yet you never gave any heed to Estate Planning. In case you suffer from any mental or physical disability, the court is going to control your assets via a guardian. This guardian is not a family member and the entire process becomes a time consuming and an expensive affair.
In case you die your property will be distributed according to your state probate laws. Most probably, your entire estate will be distributed equally between your children and your spouse. Your Spouse may get a very small or negligible share of the estate which you must have never wished in your lifetime. In case both parents die and children are small then your estate will be taken care of by a guardian appointed by the court.
What court thinks is correct may not be your wish. Estate Planning ensures that your entire estate is transferred to your loved ones as per your wish and not according to the court. Estate Planning also erases any possibility of dispute over the property between the heirs.
How to do Estate Planning?
You cannot avoid the state probate laws while you design your will. The entire process demands both time and money. The process may vary from state to state yet the time may take anywhere from 9 months to 2+ years. The process is controlled by the court and not the family. The process is cumbersome and there are many state laws in the process. This is why a revocable living trust is preferred by many families and professionals.
The Swaraj Finpro Private Limited Advantage!
Estate Planning Services may be costly, time taking and a tough affair but not when you partner with the experts like Swaraj Finpro Private Limited. Our experts will guide you through the process and ensure your peace of mind.
