You work hard to build your assets—your investments, home, personal property—and to provide a level of financial security for loved ones. Then, doesn’t it make sense to work just as hard to protect them in the event something should happen to you? That’s the primary goal of estate planning—to protect, preserve and manage your estate/assets during and post your life. We, at Hirannya, will make sure that along with the creation of wealth with us, your wealth distribution plan is also in place.

What is Estate Planning?

Estate Planning is a process of arranging and planning a person’s succession and financial affairs. An Estate Plan which incorporates a person’s wishes about his estate, could be regarding Estate Management, Estate Preservation and Estate Legacy during and post life. The primary goal of estate planning is ensuring that the estate of the individual passes to the estate owner’s intended beneficiaries, and avoiding or minimizing court proceedings in succession matters and obtaining probates.

Some people may see no need for estate planning until they reach a certain age, or they might believe that it’s only for the wealthy. But it is wise for everyone to begin the estate planning process as early as possible. In fact looking at the various disputes in families in the public domain, Estate Planning is becoming increasingly necessary for every individual to ensure a planned succession, avoid family feuds leading to disintegration of businesses and lengthy court battles. Also if Estate Duty is reinstated in India today or in the near future, Estate Planning may turn out to be the best tool to minimise the Estate Duty.

Why is estate planning so important?

Because it allows you to accomplish a number of crucial objectives like:

• Harmonious and planned succession and disposition of the estate which helps ensure that your money and other assets go to the people you choose.

• Efficient management and accumulation during and after life.

• To take care of unforeseen eventualities by providing for who will care for your minor children if you become unable to.

• Defusing potential conflicts over the distribution of your assets.

Modes of Planning One’s Estate

One can plan his estate in two ways i.e. either by writing a Will or by creating a Trust. Writing a Will as we all know has been a traditional way of passing on all what a person has earned and what he has inherited from his ancestors to his future generations.

Trust has been used as a vehicle by many people in the past to pass on the wealth in a planned manner and over a period of time.