Why do I need an Estate Plan???
I have a nuclear family, my wife is the nominee, there is no question of dispute or litigation……. these are some common answer given by most people.
We lead a very hectic life and often family members are not aware about the financial dealings and asset information, sometimes the documentation is incomplete or not updated regularly.
Often important documents are not in place, or even missing.
Common reasons why a Nuclear family should have an Estate Plan: –
Some life aspects that nuclear families ignore and they need to consider: –
Life is uncertain, we often forget that calamities can strike anytime.
While we look at natural calamities and disasters, terrorist attacks as unforeseen events, today we are faced by a totally new scenario of a pandemic which has not only brought life to a halt but also brought death to our doorstep.
While most of us update our financial plans with the financial goals we completely ignore the estate plan. The job is half done with only a financial plan in place.
Consider a scenario where both husband and wife die in an accident leaving behind minor kids and some wealth. The relevant questions to be asked here are:
IF YOU HAVEN’T THOUGHT OF ALL THE ABOVE, IT IS TIME TO THINK AND GET YOUR ESTATE PLAN IN PLACE
So, what should such families do: –
You can set up a Trust which can take care of you in case you are incapacitated and also take care of the family. The same Trust can take care and protect your financial assets provided for the minor kids.
So precaution is better than cure and Act Now…
You can also download “Pragyan – Means of wisdom – Series 8” in PDF format.