What is Estate Planning?
Estate Planning is the process through which you arrange for the succession for your Estate and all the property you have. Estate Planning Services ensure that your Estate is managed well during and after your lifetime and your legacy is passed on to its rightful owners.
We create assets during our lifetime and control them during our life in the best possible manner. We cannot control the time of our death and hence estate planning and creation of Will is important for transmission of assets to deserving family members and people who have helped us during our lifetime.
Why Do You Need Estate Planning Services?
Estate planning services helps you in the following ways:
Harmonious Succession – Your Estate is passed on to it’s rightful owners after you are no more to take care of it.
Protection of Family Assets – Your Estate is legally protected, keeping in mind the interests of your family members and loved ones.
Estate Management – Effective management of your estate during and after your lifetime
Protection Against Unforseen Circumstances – Proper Estate Planning protects your estate against contingencies and unforseen ciscumstances
Minimum Legal Procedures – Efficient Estate Planning ensures that all these benefits accrue to you and your beneficieries with minimum time and effort in court proceedings.
Estate Planning Devices (Trust and Will)
Will and Trust are the two major devises for Estate Planning and succession. Both Will and Trust serve different purposes and can be used together to create a complete estate plan.
A trust is a legal arrangement through which a person or an institution (called “Trustee”) holds legal title to property for another person (called “beneficiery”). A trust generally has two types of beneficieries – one that one set that receives income from the trust during their lives and another set that receives whatever is left over after the first set of beneficiaries dies. A trust comes into effect as soon as it is created and it can be used to distribute property before death, at death or afterwards. A trust can only administer a property that is in the Trust’s name.
A Will is a legal document that directs who will receive your property after your death. A Will appoints a legal representative to carry out the wishes termed out in the Will. The Will comes into effect only after Will creator’s death and a court oversees the administration of the Will to ensure that the property is distributed as per the wishes of the deseased. A Will covers only the property that is in the Will creator’s name.
Our Estate Planning Services Include
Consultancy – Helping you structure your estate plan for the benefit of future generations as well as management of the estate during life and post death.
Drafting and Execution – Drafting Wills, Trust deeds and all other legal documents associated with these.
Trusteeship – Acting as a trustee for administering and distributing estate.
Executorship – Acting as the settlor of Will on the death of the Will creator
Power of Attorney – We help our clients in creating Power of Attorney when need arises due to illness, disability or advanced age or a combination of multiple factors.
Estate Management – Managing Estate to ensure the heirs get the maximum benefit when the Estate is passed on to them.
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