Estate planning is the process of creation of a clear plan for handling & controlling your wealth when you’re living and distributing it after your death. When we say Estate, it means all your assets that are of any value and could include your real estate (Property), your business interests, your investments (Equities, Mutual Funds, etc), your jewellery, your insurance proceeds , and all your personal belongings. All these assets could be owned by you individually or jointly with other people. Estate planning is about preservation & the distribution of your assets & wealth, both during your life and upon your death.
It mainly is achieving your own personal and family goals and simplifying the management of your financial and legal affairs, while ensuring lowering of income taxes if your estate is big enough for taxes to be of concern. An “Estate Plan” normally, pertains to the method through which your estate is handed to your family members on your death. Estate planning can be achieved by means of many different methods, including:
- Life Estates
- Last Will and Testament / Probate
- Succession Plan
- Lifetime Gifting
- Revocable Living Trusts
- Joint Ownership
- Beneficiary Designations
Issues usually arise when people do not mix or harmonize these methods of transferring their wealth. If you have a well-drafted estate plan in place, you ensure that your estate passes to the right individuals that you desire, timing it when you want, and be executed in the manner you have selected.
You can be assured that your family will not suffer from the hardship of legal processes and costly probate procedures. However, you should be aware about the numerous alternatives which exist in estate planning – therefore you must select your estate planner carefully.
We ensure that all our clients are 100% confident about the choices they make. So, let us help you on the path toward preserving your wealth and your family’s future in Mumbai.