Estate Planning

You put forth a lot of effort to accumulate wealth and assets for your loved ones. Estate planning is one essential step to make sure that everything you've built and earned is passed on to them in a hassle-free manner. It is a step in the process of wealth structuring. Enterslice assists you transfer your assets..

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What is Estate planning?

Estate planning is the process of deciding how to safeguard, manage, and distribute a person's assets after their passing. Estate planning takes into account how a person would manage their financial obligations and assets if they become disabled.

Estate planning is the process of transferring assets from one generation to the next. Houses, cars, stocks, artwork, life insurance, pensions, and debt are examples of assets that could be included in a person's estate. The misconception is that estate planning is only for high-net-worth individuals. Estate planning can be started at any point in time.

The Need for Estate Planning

Regardless of whether an individual has high-value assets or not, estate planning is a need. For individuals who have a family and close friends, estate planning is crucial since in this scenario, their comfort and financial stability come first.

Since estate planning involves more than just distributing assets, it is important to lay out clear directives and name a representative who can make decisions for the person regarding their personal care, finances, and healthcare. The goal of estate planning is to ensure that, even if you are unable to make these decisions for yourself, you can still live the greatest possible life.

Depending on the individual's high or low net worth, estate planning is undertaken. The technique can be utilised for designated beneficiaries, asset distribution, and debt repayment planning in low-net-worth estates of the individual. However, wealthy people with sizable estates may also benefit from asset preservation, tax reduction, and other estate planning services.

The Key consideration for Estate Planning

The estate planning process takes into account the client's needs and goals, which differ from person to person. To avoid misunderstandings regarding estate distribution and legacy management, estate planning is done primarily for this reason. By using clever tax planning strategies and other financial instruments, the estate planning procedure increases the value of your estate.

Estate planning entails preparing for one's own and their loved ones' future requirements. The following are the crucial considerations:

  • Management of property

    - Choosing how and by whom the property will be administered in the process of estate planning. The individual's point of view is taken into consideration. You must make a complete inventory of your possessions and give each one a fair market value. You must also list each beneficiary to whom you plan to leave these assets.
  • Designating the concerned person

    -Who will handle healthcare decisions and offer personal care while the person is still living is a crucial step in the estate planning process. Who will raise the family's minor children throughout their entire lives? Additionally, a decision on guardianship must be made.
  • Funeral Arrangements -

    How the person wants their funeral to be handled, including whether they want to be buried or cremated. Consideration should be given to all important factors.
  • Distribution of assets -

    Considering the circumstances in which the estate should be dispersed before the person’s passing and how to carry out this process. Who will inherit the assets upon the decedent’s death, and how will they be split among several beneficiaries?

Important Components of Estate Planning

  • Wills:

    A formal statement of your wishes about the distribution of your property upon death. You have the opportunity to express your preferences and make sure your loved ones are taken care of.
  • Trusts:

    A formal structure in which a third party (the trustee) holds and oversees your assets on your behalf in order to benefit your designated beneficiaries. Trusts might provide tax advantages and safeguard your assets from potential claims.
  • Power of Attorney:

    A power of attorney is a legal Document that enables you to name a representative to handle your finances and handle legal matters if you become disabled.
  • Nomination:

    The process of designating a beneficiary to receive the proceeds from your investments, insurance policies, and bank accounts after your passing is known as a nomination.
  • Life insurance:

    A contract with an insurance provider that, in the event of your death, pays out a lump amount to your beneficiaries, protecting your family financially.

What does estate planning include and how it is calculated?

The assets, titles, or ownership of an individual are all included in their estate, whether they are solely owned by them or held in joint ownership with their spouse, parent, business partner, or other people.

The person's assets that are deemed to be a part of your estate are:

Financial Records -

Bank savings accounts, retirement accounts, equities, bonds, life insurance payouts, etc. of an individual.

Money Owed to the individual - 

Tax rebate, Patrimony funds, outstanding loans to the debtors, etc.

Investments -

Land, buildings, other real estate you possess, including residential and commercial properties, etc.

Other Assets -

Vehicles, furniture, jewellery, artwork, etc.

The fair market value of the above -

After subtracting the debts that the person owes, such as mortgages and loans, joined together to estimate the worth of the estate, the fair market value of the aforementioned assets is determined. Based on the estate's valuation, it is decided how much tax will be due following a death. It is also taken into account whether or not the beneficiaries would be required to pay capital gains taxes.

When undertaking estate planning, potential taxes are taken into account to make sure there is sufficient cash to pay them.

Difference between will planning and estate planning?

In general, there is no distinction between estate planning and will planning. Despite the fact that the words are interchangeable, they actually serve completely different processes. Both estate planning will write and provide directions to the heirs regarding how to handle the departed person's property. Estate planning, on the other hand, goes a step further by outlining a person's assets while they are still alive, including their health, wealth, and other things. An expert in estate planning assists a person in identifying the type of planning they require and in drafting all essential Paper works for a thorough estate plan.

What is Will Planning?

Compared to estate planning, which includes writing a last will and testament, will planning is very straightforward. The will specifies who would look after the children following the death of the person for whose benefit it was drafted. It also specifies who will take over the company and receive the property and its assets.

A testament involves the selection of an executor, who will be in charge of making sure all the directions specified in the will are carried out. A will aids in making legal decisions and prevents family conflicts over property.

What is Estate Planning?

Estate planning is an in-depth procedure that uses several sorts of Documents to protect assets following a person's passing. Estate planning entails a number of crucial elements, including the following:

  • The Living Will
  • A financial power of attorney protects the assets while taking the family's financial condition into account.
  • Beneficiary designations

What is forced heirship in Estate planning?

In estate planning, forced heirship is a legal principle that prevents an individual from choosing who would be the official heir to their estate upon their passing. It automatically gives specified people the authority to distribute a specific amount of the deceased person's inheritance.

These people are known as Protected Heirs, and they may be the surviving spouse, children, or other relatives of the deceased's family. Family protection is the underlying principle of forced Heirship. The Forced Heirship rule prohibits someone from dividing their wealth without taking care of their dependents.

Benefits of Estate planning

Estate planning is a crucial step in the financial planning process in India. By following the proper procedures, you can prevent family conflicts in addition to distributing your assets according to your wishes. The following is a list of the advantages of estate planning:

  • Planning your estate in advance makes it easier to distribute your assets how you see fit. When you are not present, you can specify how and to whom you want your assets to be dispersed. Without an estate plan, your assets may be dispersed among your legal successors in accordance with the existing succession laws in a way that you do not want.
  • Estate planning lowers the likelihood of family conflicts and drifts following your demise. A carefully written estate plan would guarantee the share of your wealth that each family member is entitled to, reducing their sense of unhappiness. Additionally, they might not have to deal with complicated legal issues, court proceedings, or tedious paperwork in order to receive their entitled portion.
  • You can provide for the financial security of dependents with special needs, minor children, etc. through effective estate planning. 
  • You can also make prior plans for unanticipated circumstances like physical or mental incapacitation, expressing the type of medical care you want and the person who will make choices about your health on your behalf.
  • In India, estate planning can also be used for tax planning. Your family members will receive the assets, allowing you to divide the tax liability and file separate tax returns. 
  • Estate planning aids in cutting down on the expenses associated with transferring assets to beneficiaries.

Checklist for Estate Planning

Write a will -

A will is a traditional legal Document in which you name the person who wishes to inherit your property or designate a guardian to look after your children in the event that you or your partner pass away.

Giving Healthcare directives

- It is preferable because doing so can save your life. If you become incapable to make the decision for yourself.

Choose Attorney

- Additionally, you should choose a power of attorney for your health care so that someone will be able to decide when you can’t.

Choose a financial power of attorney

- This is a crucial choice that allows you to authorise a reliable authority to manage your assets and finances in the event that you are unable to.

Children's property should be protected

- Mention the name of an adult who will be in charge of managing the property and funds your minor children inherit in future.

Choose the beneficiary

- When you designate a beneficiary for your bank account or retirement plans, the amount default automatically become payable to that person following your death and assists the fund bypass processes.

Life Insurance should be taken into consideration

- Life insurance is an excellent option if you own a home, have minor children, have a lot of debt, are subject to estate tax, or any combination of these.

Estate taxes must be understood

- To handle such issues, you must be familiar with the estate tax calculation with your legal counsel.

Take care of your funeral costs

- Rather than choosing a funeral prepayment plan, you might open a payable and proper account at the bank and deposit money to pay for your funeral and other connected costs.

Preserve your Documents carefully

- Your attorney could need to view the various records, therefore you must preserve them securely.

Make final arrangements - Let people know if you have any desires regarding organs or other donations.

Why Enterslice for Estate Planning?

Enterslice assists its client in safeguarding the assets and ensuring the well-being of the family. We assist in creating a strategy that is specifically catered to the client's financial requirements and write the required paperwork. Enterslice assists its clients in identifying their long-term financial objectives so that we can create customised programmes.

  • We offer the estate planning resources you require to secure your legacy, advise your loved ones, and create a direct and long-lasting effect on your wealth.
  • You have worked hard to grow your fortune let us help you protect it through both anticipated and unforeseen life events, wherever you may be in your financial path.
  • Our financial strategies are developed in accordance with your actual priorities.
  • To protect your loved ones and everything you have worked hard, Enterslice provides you with estate planners who collaborate with financial advisors. In order to accomplish your objectives, we can also collaborate with your lawyer and other professionals (such as your accountant).
  • The process of drafting and revising an estate plan is simple because your advisory team is already aware of your financial objectives. Most importantly, you are guided through the entire process from beginning to end by our concierge services.

Frequently Asked Questions

  1. Certified Public Accountants
  2. Certified Financial Planners
  3. Bank Trust Officers
  4. Pension Consultants
  5. Life Insurance Professionals
  6. Personnel Managers
  1. Will
  2. Trust
  3. Probate
  4. Probate Avoidance
  5. Taxes
  6. Provisions for beneficiaries
  7. Mediation and conciliation
  1. Right decision maker
  2. Highly proficient
  3. Ability to comprehend the needs of the individual (Testator)
  4. Consistency and after-sales service.

In estate planning, an estate planner is absolutely essential. To allay the worries of the people, an estate planner needs to be qualified and knowledgeable. An individual should actively participate in estate planning discussions by posing pertinent questions about the estate planner's background, field of expertise, etc. An individual can learn whether or not the estate planner is exhibiting a genuine interest in the client through effective communication.

In a broader sense, financial planning includes estate planning. A person can fulfil some of his financial planning goals, such as allocating assets among beneficiaries, by using estate planning. Estate planning also aims to protect as much wealth as possible for the intended beneficiaries or legitimate heirs.

You can ensure the following through estate planning: 

  1. Creating a plan for smooth succession and estate distribution. 
  2. Estate protection with the needs of your family in mind. 
  3. Effective estate management both during and after your lifetime.

An estate planning attorney can assist you in creating a thorough plan that complies with your preferences, reduces taxes, safeguards your assets, plans for disability and company succession, and keeps your estate plan current.

Contrary to popular belief, this is not a tool that is only for high-net-worth individuals. In actuality, everyone should think about estate planning. Houses, vehicles, stocks, fine art, life insurance, pensions, and debt are examples of assets that could be included in a person's estate.

The fundamental steps to estate planning are:

  1. Create an Inventory 
  2. Account for your family’s requirements
  3. Establish your directives
  4. Take a look at your beneficiaries
  5. Note your state’s estate tax laws
  6. Weigh the value of professional assistance
  7. Plan a revaluation

The four basic types of trust are:

  1. Living trusts
  2. Testamentary trusts
  3. Revocable trusts, and 
  4. Irrevocable trusts.

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