Estate planning is the process of planning the transfer of one’s asset’s after their demise.
Estate planning includes the ownership succession plan for all your assets – mutual funds, stocks, bond and other financial instruments, property, gold, jewellery and other valuables.
Estate planning in India comprises of preparing plan of nomination and succession and then making a will or setting up a trust to execute the plan when it is needed. These days, transfer of one’s digital assets like email accounts is also a part of estate planning.
Why Estate Planning
1.Peaceful transfer of property
You have worked hard throughout your life for the happiness and prosperity for your family. In case you doesn’t have a comprehensive Estate Plan, your family is going to face a lot of troubled nights trying to track all your assets and decided who gets what. Estate planning will help your family reap the benefits of your hard work in a smooth and hassle-free manner by making sure that the transfer of your assets to your loved ones is carried out as per your wishes and any unnecessary internal feuds are avoided.
2.Care for special ones
There might be some members in your family with special financial requirements. Some family members might not be financially independent or may suffer from some disabilities or illnesses. You can make special provisions to ensure that these members get the adequate share of your property and assets to support them after your death.
3.Avoid losing property and courts hassles
In the absence of a will, the distribution of the estate is governed as per laws of the nation. If you are a Hindu, it is as per the Hindu Succession Act 1956. If you are a Muslim your property will be divided according to the Muslim Personal Law. We have seen countless examples of property worth crores being locked up in court cases because there was no proper will and succession plan.
We at SMFS can help you make sure that your family is well looked after you are gone and reap the rewards of all your hard work. Our comprehensive Estate Planning services make sure that you and your family are on your way towards a secure future.
Please get in touch with us here to avail our services or clear any doubts that you may have regarding Estate Planning.