Table of Contents

Estate Planning Checklist: Start Your Estate Planning Journey Benefits of Estate Planning What is the appropriate age to draft a will or to do estate planning?Is Will's registration required?Frequently Asked Questions

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Home Blog Property Buyers Guide What is Estate Planning?

What is Estate Planning?

Updated : April 17, 2024

Author : Vivek

Property Buyers Guide

1700 views

Estate planning is the process of outlining exactly how you want your assets to be allocated if you pass away or become ill and are unable to manage matters independently.

It is the act of transferring an individual's chosen amount of collected wealth to the next generation. It involves legacy, distribution, management, and estate protection.

All of your possessions, including obligations and assets, are included in the estate. For example, jewels, vehicle(s), real estate, money equivalents such as bank accounts, mutual funds, stocks, PF corpus, life insurance payouts, or any other kind of goods.

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Here Is The Estate Planning Checklist:

Testament: This document specifies asset distribution after death, appoints an executor, and may provide guardianship for young children.
Revocable Living Trust: Transfer assets to beneficiaries while living, avoiding probate upon death. Incapacity asset management is also covered.
Durable Power of Attorney: Appoints someone to make financial choices for you in case of sickness or incapacity.
Healthcare Power of Attorney: This document designates someone to make medical choices for you if you are unable to do so.
A Living Will: Outlines medical care choices for terminally sick or disabled individuals who cannot convey their intentions. It usually covers end-of-life care.
Beneficiary Designations: Define who will inherit assets, including life insurance, retirement funds, and payable-on-death bank accounts.
Advance Directive: This document combines a living will and healthcare power of attorney, enabling you to define healthcare preferences and designate a healthcare agent to make choices.
Letter of Intent: This non-binding document guides your executor, trustee, or beneficiaries on your intentions, preferences, and directions for addressing topics not addressed in previous agreements.
Designate guardians in your will to guarantee your small children are cared for by trusted individuals if you and the other parent are unable to parent.

To ensure these papers are appropriately designed and suited to your requirements, consult with estate planning experts. Review and amend these estate planning documents checklist as your life and tastes change.

Estate Planning Checklist: Start Your Estate Planning Journey

The preparation of actions to manage a person's asset base in the case of their incapacitation or death is known as estate planning. For proper estate planning, you need to prepare yourself in advance. This blog will provide you with the estate planning checklist and the process of doing it in the right way.

How can I register my Will?

The testator and the two witnesses must go to the local court's registrar or sub-registrar's office to get the Will recorded. The testator must turn in the registration money and the necessary paperwork. If the registrar or sub-registrar is pleased, a certified copy of the Will will be provided, and an entry made in the registrar's office about the same will follow.

Do the Will's witnesses have to attest to its contents?

No, it is not the witnesses' responsibility to confirm the Will's contents. All they need to do is confirm that the testator signed the Will in front of them. Later on, if necessary, the court could summon them to verify the integrity of the testator's signature.

Can I list my internet and digital assets in my Will?

Yes, you may specify in your Will whom you wish to provide access to your internet accounts after death, including your email address, social media accounts, documents, audio and video images, and so on.

Is Writing Online Will Beneficial?

Numerous businesses provide this service. When the estate is simple, making a will online is a fast, simple, and affordable option. But keep in mind that you may not get any advice or a particular personal touch here.

Benefits of Estate Planning

In India, financial planning includes estate planning as a crucial step. Doing it correctly prevents family arguments and ensures that your assets are distributed according to your wishes. The following is a list of advantages of estate planning:

Estate planning facilitates the easy dispersal of your assets by your wishes. When you are not present, you have the option to choose who gets your assets and how much of them. Without an estate plan, your assets may be divided among your heirs according to the relevant succession rules, which may not be as you would have wanted it to be.

Estate preparation lessens the possibility of disagreements and family drift after your passing. A well-defined estate plan would guarantee to each member of your family what portion of your inheritance they are entitled to, which would lessen their discontent. Additionally, individuals may not have to deal with court disputes, legal hurdles, or laborious paperwork to get their just portion.

You may provide for the financial stability of recipients with special needs, young children, etc., via appropriate estate planning.

Additionally, you may make prior plans for specific unanticipated needs, such as physical or mental incapacitation, by specifying the kind of care you would want to receive and designating the person who will make choices on your health on your behalf.

In India, estate planning may also be used for tax planning. You may split the tax liability among your family members by dividing the assets among them in different tax files.

Estate planning reduces the expenses associated with transferring assets to beneficiaries.

What is the appropriate age to draft a will or to do estate planning?

There is no minimum or maximum age for estate planning or writing a will. It is best to start thinking about it as soon as possible.

Is Will's registration required?

Will registration is not required. Even if the Will is not recorded, no one can doubt its authenticity. However, to prevent future legal issues for family members, it is advised to get the Will registered with the Registrar or Sub-Registrar at a local court.

Get the Best Assistance for Estate Planning From NoBroker Experts

You can consider the above free estate planning checklist to make sure you have everything. Are you ready to begin your estate planning process? With NoBroker, you can get estate planning advice from the nation's top legal professionals. We promise a hassle-free procedure, and the top attorneys in the nation will answer your questions. Simply leave a comment below with your requirements, and we will get in contact with you.

Frequently Asked Questions

Q. What's Estate Planning?

Ans: Estate planning entails arranging for the administration and distribution of your assets after death or incapacity. It includes legal documentation and tactics to fulfill your objectives and support your family.

Q. Why Is Estate Planning Vital?

Ans: Estate planning lets you disperse assets, save taxes and expenditures, choose guardians for young children, and choose healthcare providers. Without an estate plan, state laws may distribute assets against your preferences.

Q. Who Should Plan Estates?

Ans: Everyone, regardless of income or age, benefits from estate planning. Estate planning ensures that your desires are carried out and reduces family disputes, whether you have significant assets or little funds.

Q. What Documents Are necessary for estate planning?

Ans: Wills, trusts, powers of attorney (financial and healthcare), living wills, and beneficiary designations are estate planning papers. These agreements cover asset distribution, healthcare choices, and incapacity management.

Q. How often can I amend my Will?

Ans: Your Will is subject to revision at any time. Please make sure the new Will explicitly states that it replaces the old one. The most recent Will would be regarded as the definitive one by default. Every Will made before now will be deemed void.

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Vivek,Author

With over 23 years of experience in Real Estate, and an architecture degree, Vivek is here to help others buy/sell or rent the right way. Through his writing you will find out what people look for, and what you can do to get the best out of your home, and also how to get the best for your home.

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