Believe it or not! Each one of us has an estate. Whether it’s your vehicle or your home; the cash lying in your saving and current account, every asset constitutes an estate. It’s your responsibility to decide what happens to these when the time comes.
You need to ensure that the right asset is assigned to the appropriate individual in the right manner. Ultimately, you need to think about estate planning. Often, individuals misconstrue that estate planning is meant only for the wealthy. However, the reality is totally opposite. It is relevant for every person who can’t afford to leave his assets in the hands of the unwanted after he is not around.
Most of us might have never thought of doing estate planning. Some of us might be putting it off to a later date. But this is a wrong approach. You can start off estate planning as soon as you begin accumulating assets. You can start by preparing an inventory of assets that you own. Create a list of beneficiaries & proportion of assets that you want to allocate to each one of them.
Prepare a will which can be the best favour for your loved ones. It will ensure that the beneficiaries do not have to face challenges in order to get the ownership of assets. In case you are clueless about how to get things done, consult an experienced lawyer.
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