Importance of Smart Estate Planning

Date : 2021-08-05

Estate Planning is important for every individual in society because it helps in safeguarding the assets of the person. The concept of estate planning is commonly considered only for rich and old people, although it is not true. Any person who has assets i.e. movable or immovable can and should do estate planning. The idea of estate planning is to decide who inherits what share of property. Estate planning includes documents like wills, private trusts etc.

Here are a few reasons to consider why smart estate planning is essential and they are as follows:

1. Gives you an option to choose who inherits your property:
The concept of Estate planning is not only for rich and old people. Any person who has estate like stock portfolios, vacation homes, etc. that he/she might leave behind for his/her loved ones. If anything happens to the sole earner of the house, the estate planning will be a useful tool and help will hand over the estate in the right hands. 
2. Estate Will v. Other Will:
Will is an essential part of the estate planning process and nobody can influence how one should want to transfer his/her property or assets to another person. Will Registration is equally important and is highly advisable by lawyers. Therefore, estate will is important will help to override the pre-written will so that things happen the way it is given in the will after the death of the testator.
3. A layer of protection over the family:
Nobody wants to die young, especially a family man. It is highly advisable to create a will for his/her legal heirs to avoid chaos. A will has all the information about how the assets will be distributed and how the children are to be taken care of, if they are minor.
4. Helps you save taxes:
We stress on estate planning as it helps in exemption on taxes. Nowadays taxes can hit you hard and take away a big part of your assets in paying taxes which is not advisable by Estate Planning Lawyers. It is important to plan smartly and properly while transferring assets to the legal heirs. There are various ways to reduce taxes on the estate.
5. Keeps away from the mess:
A family has to go through a lot of mess after the death of a family member due to an unorganized estate or assets. A well-organized estate or smart estate planning helps in avoiding any issues that might arise in the process of inheritance.
6. To avoid Probate:
Probation of will is a judicial process of verifying a will and is supervised by the court. Estate planning avoids probate as it helps in organising the assets. The court has access to all the assets and supervises the entire process of distribution. Therefore, it is essential to prepare smart estate planning. 
7. Protect Your Assets From Unforeseen Creditors:
Estate planning with an attorney helps you protect your assets from any kind of unforeseen creditors. It also helps you protect your family from creditors after death. There are various scenarios in which creditors may seek to seize property due to unpaid bills. With careful estate planning, this can be avoided.

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