Estate Planning is important for your loved ones

Whether small or big, everyone has assets in one form or the other. While we place a lot of importance on the creation of wealth, we tend to forget or ignore creating a plan for protection, preservation and succession of our wealth. We plan for our household expenses,child's education/marriage, investment in a property, retirement needs, etc. One area which gets low focus is estate planning, may be due to limited awareness or lack of urgency and expertise. In the present scenario, sudden deaths, incapacitations, separations or legal issues cannot be foreseen and may lead to serious challenge for your loved ones.

Estate Planning is about consolidating your assets, planning for the use and distribution of wealth throughout your life and after your lifetime and marking out the beneficiaries. There is never a specific age or defined affluence level to engage in estate planning. An estate plan is for everyone who wishes to execute a smooth transfer of assets due to his/ her incapacitation or demise, irrespective of current age or size of wealth.

You have worked hard to save your wealth. You also love your family and you wish to leave this wealth for your loved ones. But unless you have planned the distribution of your assets, all these wishes may not help your family. Without an estate plan in place, the court will be the one to decide where your assets go, and that could take years. Thus, Estate Planning is importantfor your loved ones to ensure that when you are no more and your loved ones are already mourning the loss, at least they are saved from the trouble of tracing your assets, segregating them, assessing the distribution method and identifying the beneficiaries as per the relevant Succession Laws. An Estate Plan will make the transition easier, faster and much smoother for your loved ones leaving no room for ambiguity with respect to the distribution of your assets.

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