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Estate Planning

Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.

Estate planning involves determining how an individual’s assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual’s properties and financial obligations in the event that they become incapacitated.

Why Estate Planning?

  • It ensures that after your death, your Estate (Residual Assets) will be distributed your wishes. In the absence of any such arrangement, The Law of the Land (Courts) will decide, which may not be as per your expectation.
  • It brings in required clarity and minimises the disputes within the family.
  • At times, based on the laws prevailing, it may reduce taxes. Especially, when inheritance taxes are in force. (Currently India has abolished inheritance tax. But for a couple of years, there have been discussions and proposals to re-introduce it.)
  • No one wants to die young. But, if we have small / special kids, then we need to prepare you for the unthinkable. Estate Planning takes care of small kids including special children in a manner you have approved off. If you have not appointed the Guardians- whom you trust the most, then your children will be raised by guardians appointed by the Court.