Plan the Estate You want to Protect

Accommodation Times News Services

By Payal Parikh, Partner, ANB Legal

Will & Estate Planning

What is an estate plan?

The primary goal of estate plan is to protect, preserve and manage one’s assets during and post one’s life. Harmonious and planned succession of estate helps to ensure that the money and assets go to the people one chooses. Without an estate plan the assets are passed on according to religion based succession laws. While a Trust and Will are important tools to any estate plan, the key is to actually have a coordinated, thought-out plan for ones assets, personal care, and future. Once an overall plan is developed, then the necessary documents can be drafted to put that plan into action (such as creating a Trust and Will). Estate Planning is thus a process by which an individual designs a strategy and executes a will, trust or other documents to provide for the administration of his or her assets upon his or her incapacity or death. Tax and liquidity planning are essential parts of this process.

Need for Estate Planning

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