What is Estate Planning? – Pragyan Article 1
“ प्रज्ञान ”
Means of Wisdom
Wealth creation is a collective effort by an individual/individuals, sometimes over a few generations for the well being and continuity of their family. To create a seamless passage of legacy to the future generations it is imperative to have a well thought plan which can be easily implemented.
WHAT IS ESTATE PLANNING?
The process of planning and drawing up a plan to devolve one’s assets in a systematic and documented manner ensuring that the assets are methodically and smoothly assigned as per one’s specific wishes and goals, for benefit of the next generation or the intended beneficiaries is Estate Planning.
WHO NEEDS ESTATE PLANNING?
Estate Planning is a need for everyone irrespective of age or net worth. It is a legacy plan required for every family, tailormade to suit their individual needs and goals.
ESTATE PLANNING PROCESS
Some of the common Estate Planning tools used in India:
- Will
- Family Trust
“One generation plant the trees others get the shade”- Anonymous
To be Continued…. In the next Knowledge series, we introduce to you the above-mentioned methods of Estate Planning in detail.
You can also download “Pragyan – Means of wisdom – Series 1” in pdf format.
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Mr. Sandeep Nerlekar
Founder & MD - Terentia Consulants Pvt. Ltd.
Three decades of experience in Estate Planning, Family Business Consulting and Banking.