ESTATE PLANING
SAFEGUARDING INHERITANCE PASSING ON LEGACY IS NOT DISGRACEFUL
Estate Planning
As an individual, you have worked hard in life to make sure you pass on all your treasured assets (liquid & fixed) to your loved ones. By having a will you want an assurance that your hard-earned money will bring a world of difference in their lives.
Your family will not have to take charge and obligations to hire lawyers, executors, financial planners, and accountants to make decisions on the assets after your demise. They will not be going through lengthy and cumbersome processes in courts to settle estate matters since you took time to streamline things for them by Estate Planning.
Estate
The estate is the sum of the monetary funds and possessions owned by an individual in their lifetime that can be transitioned and distributed to the nominated beneficiary, either during their lifetime or at death, as per their will.
Estate Planning
Estate planning is a well-organized strategy that includes a set of all significant legal documents, ensuring that the estate passes to loved ones as per the owner's wishes.
Will & Testament
A will is a written doctrine that allows an individual to distribute their properties and possessions after their demise to their inheritance. It names an executor who carries out the distribution per the last wishes.
Types of Wills:
- Formal Will: Prepared by a lawyer
- Holograph Will: Handwritten
- Will Kits: Available from stationery stores
Intestate
When an individual dies without a will, their properties and monetary funds will be distributed as per the provisions of the Intestate Succession Act.
Probate
Probate is the lawful process accepted by the courts to carry out estate planning and determine the legitimacy of the will.
Trust
A trust is a lawful entity formed to hold and safeguard assets without the need for probate.
Financial Power of Attorney
This is a lawful contract signed by an individual that gives authority to a third party to make financial decisions on their behalf in their absence.
Health Power of Attorney
This lawful contract allows an individual to make health care decisions on your behalf when you're incapable of doing so, including the ability to withdraw life support if specified in the document.
Beneficiary
Beneficiaries are the designated individuals or charities mentioned in lawful contracts who will receive the proceeds of the estate after the demise of the owner.
Types of Beneficiaries:
- Revocable: Can be changed without the beneficiary's consent
- Irrevocable: Cannot be modified after establishment