Estate planning is meant to assist you in managing your estate. Effective estate planning is imperative in order to avoid property discords and disputes. Getting into such disputes will only drain your financial resources and time. However, Estate planning is still not a very popular concept and ranks low in investors’ priority list.
You may, like many other investors, think that estate planning is something that you do not need. Some of the reasons behind this belief are:
You may, like many other investors, think that estate planning is something that you do not need. Some of the reasons behind this belief are:
- You may think that estate planning is only for the rich and elite. However, estate planning is a very broad concept and encompasses various issues including end-of-life medical care, general private affairs, asset management, etc. Hence, this activity effectively helps you in planning for the above mentioned important aspects.
- You may think that your finances are quite simple to handle and manage. However, exigencies never come invited. By charting out an effective estate management plan, you ensure that such unforeseen situations do not adversely affect your loved ones.
- Do you have a habit of procrastinating your estate planning activities? The most probable reason behind this may be your gut feeling that the opportune time has not arrived. However, estate planning will help you to safeguard the interests of your loved ones in case you become disabled or are not in a position to take decisions. Hence, it is advised that you start planning early.
- While planning for the physical properties you always commit the mistake of forgetting about the digital properties. Remember there are various important accounts and documents that are password protected. You can ensure proper management of these accounts by authorizing the agent to do the same (in case you are no longer capable of doing so).
- Exigencies are a part and parcel of everyone’s life. Being optimistic is a good thing, but thinking that you will never face contingencies is unrealistic; you may be in for a rude shock. A detailed estate plan will help you in ensuring that your spouse and children do not have to get into legal hassles in order to prove their ownership. There are various other issues too on which you would be required to take a final call. Some of these issues include deciding a property manager or setting aside an amount to take care of your medical bills.
There is a high possibility that you might have not started thinking about your trustee. This is a mistake most people commit. The trustee will be entrusted with the job of managing your wealth. Hence, it is imperative that you name the most trusted of your aides to perform this activity.
Do you still think that estate planning is not that significant? Think again! Inefficient planning can give rise to conflicts.
Given the importance of this activity, it is imperative that you get in touch with your provider today. You can also contact different Private Banking Organizations in India, many of which are experts at offering estate management services.
