Many have not heard of Estate planning or do not know what it is. Just reading an article in the Times of India this morning shows how little prepared Indians are for succession issues and how ironic it is in a country where inheritance typically provokes disputes. Estate planning is planning for the succession of one's assets :
-to reduce taxes
-to avoid probate
-to avoid post-death disputes and issues
-to give clear instructions in the case of disability or ill health where one can no longer make decisions As Indians become richer, Estate Planning becomes more crucial as there are more assets, more things to divide up and give away at one's passing.
Financial Planning can help you take the first step. Draw up a list of everything you have (something you will have to do as part of creating a financial plan) and think of how you may want these assets to be distributed. Read up on Estate Planning. Draw up a draft will and make a meeting with a lawyer. You will be on the right track. Check out this link for more info:
If you want to make a will or look into Estate Planning, email us at Yogi@investmentyogi.com