What is estate planning?
Through estate planning, people can orderly administer and dispose of the property. It is the process through which you can transfer your estate after your death. The term estate includes all the property owned by you. Thus, it may include cash, jewelry, property, cars, savings accounts and shares, and so on.
Process of estate planning:
The process involves making a will, setting up a trust, making a nomination, and even life insurance. Estate planning in India has taken a step forward with video-taping of wills, making of trusts, and even probate (which will be certified in court) in the new process.
One can also pass his/her estate through online estate planning. Online companies will hire licensed legal professionals to carefully carry out estate planning documents so that the document is legally binding. The online will is thus a legitimate way through which digital assets and even e-mail accounts can be transferred.
Why estate planning?
To pass on wealth: You are able to pass your wealth and assets to your legal heirs or loved ones in a more simplified way and ensure there is no dispute over property.
State a guardian: You can appoint a guardian, for your dependents and support your children even after your death.
No court battles: With estate planning, you can divide your property and assets in an amicable way. This will prevent court battles among your children/relatives in your absence.
Digital settlement: In the digital era, you can pass your online insurances, ETFs, and Demat accounts to your heirs through video-taping.