One works hard throughout his or her life creating assets. And one of the primary reasons for doing so is to ensure financial safety and security to their loved ones. But what would happen to these assets on the person’s sudden or untimely demise? Have you given a thought to it?
That’s where Estate Creation comes into the picture.
Estate Creation is not only for the Rich and the Old. And it is definitely not an exercise to be looked after post retirement.
Estate Creation in simple terms refers to the passing of assets from one generation to the next. The person doing estate planning decides how much of the estate – be it property, car, personal articles, financial investments, etc. – will to pass on to whom and how, after the person’s demise. It is a dynamic process that needs to be reviewed at regular intervals to absorb any changes that might happen in our life or in the laws of the country.
Dying intestate i.e. without a valid Will in place, can create various complications for your family. There could be serious disputes amongst family member over the estate that can devastate the peace and happiness of your family.
In certain cases some members of the family require special care and may not be in position to handle the assets that are left for their benefit. At the same time leaving such assets to other family members for the benefit of such “special need” members does not eliminate the risk of the misuse of assets for other purposes.
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