An estate consists of everything you own; your home, car, savings, insurance, investments, furniture, personal possessions. Estate planning helps you to plan on who will own or manage your assets after your demise. It records what you want to give your loved ones and family members.
Benefits of Estate Planning :
- Your legal heirs get the assets in the estate left behind after your demise without delay when they need it most.
- Your estate can be distributed as per your wish without any disputes.
Estate planning records what you want to give your loved ones and family members. Estate plan includes documents such as:
- Will: It records how your estate shall be distributed after your demise. It also covers who shall look after your children if they are still young. In certain cases, a legal process of probate of Will need to be followed – process by which court recognises and certifies a Will.
- Power of Attorney: Document where you give someone - who is trustworthy, financially responsible - the legal right to look after your affairs and property in your absence.
Review and Update your Will Regularly: Life circumstances and laws change, so it is essential to review and update your estate plan periodically to ensure it remains relevant and current.