You workhard to build your assets, your investments, home, properties, etc. to providea level of financial security your loved ones.

Then, doesn'tit make sense to protect them in the event something should happen to you?That's the primary goal of estate planning to protect, preserve and manage yourestate during and post your life.

EstatePlanning is a process of arranging and planning a person's succession andfinancial affairs. An Estate Plan which incorporates a person's wishes abouthis estate could be regarding Estate Management, Estate Preservation and EstateLegacy during and post life. The primary goal of an estate plan is to ensurethat the estate of the individual passes to his intended beneficiaries,including efficient tax and succession planning and avoiding or minimizingcourt proceedings in succession matters.

Thoughearlier India had an estate tax, today we have no estate tax or estate duty orinheritance tax, unlike many advanced market economies. First introduced herein 1953, Estate Duty was abolished in 1985. Estate Planning by Trust Structureswas primarily done to minimize Estate Duty/ Tax which is imposed on all property(on market value) transferred at death of the estate owner.

Why is estate planning soimportant?

Because itallows you to accomplish a number of crucial objectives like:

•    Harmonious and planned succession anddisposition of the estate which helps ensure that your money and other assetsgo to the people you choose

•    Efficient management and accumulationduring and afterlife

•    To take care of unforeseen eventualities byproviding for who will care for your minor children if you become unable to

•    Defusing potential conflicts over thedistribution of your assets

What is a Trust?

In a Trust,the Estate Owner transfers his property to a trust that is administered by theTrustee to hold it for the benefit of certain beneficiaries or it can be forthe benefit of beneficiaries and himself. By adopting a Trust Route a personcan make a ring-fenced structure to ensure that his future generations are wellprotected through a vehicle created by him and in accordance with his directions.The Trust has the following main parties:

• ·        Author ofthe Trust/ Settlor

• ·        Trustee

• ·        Beneficiary

PrivateFamily Trust can avoid many legal issues and also make a ring-fenced structureto ensure that the future generations are well protected through a Truststructure.

Conclusion:

• ·        Thoughplanning one's estate may feel uncomfortable, the cost of procrastination canbe high

• ·        Though somepeople are put off by the belief that estate planning will be complicated,time-consuming and costly, setting up an estate plan doesn't have to be acomplex process. It is not as complicated as it sounds

• ·        You losenothing, but gain the assurance that your wishes will be carried out ifsomething happens to you

You work hard to build your assets, your investments, home, properties etc. to provide a level of financial security your loved ones.

Then, doesn’t it make sense to protect them in the event something should happen to you? That’s the primary goal of estate planning to protect, preserve and manage your estate during and post your life.

Estate Planning is a process of arranging and planning a person’s succession and financial affairs. An Estate Plan which incorporates a person’s wishes about his estate could be regarding Estate Management, Estate Preservation and Estate Legacy during and post life. The primary goal of an estate plan is to ensure that the estate of the individual passes to his intended beneficiaries, including efficient tax and succession planning and avoiding or minimizing court proceedings in succession matters. Though earlier India had the estate tax, today we have no estate tax or estate duty or inheritance tax, unlike many advanced market economies. First introduced here in 1953, Estate Duty was abolished in 1985.Estate Planning by Trust Structures was primarily done to minimize Estate Duty/ Tax which is imposed on all property (on market value) transferred at the death of the estate owner.


Why is estate planning so important?

Because it allows you to accomplish a number of crucial objectives like:

• Harmonious and planned succession and disposition of the estate which helps ensure that your money and other assets go to the people you choose

• Efficient management and accumulation during and after life

• To take care of unforeseen eventualities by providing for who will care for your minor children if you become unable to defusing potential conflicts over the distribution of your assets


What is a Trust?

In a Trust, the Estate Owner transfers his property to a trust that is administered by a Trustee to hold it for the benefit of certain beneficiaries or it can be for the benefit of beneficiaries and him. By adopting a trust route a person can make a ring-fenced structure to ensure that his future generations are well protected through a vehicle created by him and in accordance with his directions. The Trust has the following main parties:

• Author of the Trust / Settlor

• Trustee

• Beneficiary

Conclusion:

• Though planning one’s estate may feel uncomfortable, the cost of procrastination can be high

• Though some people are put off by the belief that estate planning will be complicated, time-consuming and costly, setting up an estate plan doesn’t have to be a complex process. It is not as complicated as it sounds

• You lose nothing, but gain the assurance that your wishes will be carried out if something happens to you

• Hence Estate planning is the foremost judicious step in securing your family’s future and fulfilling

• Your desires during your life and after you depart from the world