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Estate Planning
estate planning

Most Critical but still most ignored area.

No one even likes to think about this area; it’s unpleasant and who wants to even imagine the end of life!

Besides many feel that this is just for the rich, super wealthy type of people or people who has / expect dispute in family. Basically if you earn something and you have created some asset estate planning is meant for you. Your estate is all the wealth that you possess; car, house, jewellery, bank accounts, Mutual Fund’s, shares, antiques, collectibles …everything you own. To pass it to the loved ones in your absence you need followings:

Wills & Codicil: Will is a statement of the wishes. Wishes regarding what should be done with the asset/s that you have created and after your death; who should be the owner/s of those asset/s. It is a very important document as it totally removes all ambiguity regarding ownership of the asset after your death. You can quite easily update the Will as many times as you like by simply making amendments via a document called the Codicil.

Preparing a Will by you on your own is relatively easy if you simply wish that after you the spouse become the owner of your assets and after the spouse has gone the children. Complication comes in when you want to do a valuation and projection of your assets over years, you wish to distribute unequally and where you wish to specify things to be done (e.g. create a trust) when you are gone.

The other means for providing inheritance and for distributing your wealth as per your wish are:

  • Formation of a Private Trust.
  • Creation of Family companies.

Both the above has there own set of benefits & limitations. This is where professional help is required. If you feel your friend, neighbor or CA is an expert on these and can guide you, then you are completely wrong because there is much more to it than what seems. Simply making a Will is not estate planning. Only qualified person like CERTIFIED FINANCIAL PLANNERCM can take care of Legal as well as Financial aspect & can create appropriate instrument as per every individual’s need.

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