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.