What is Estate Planning?
They are carefully considered plans that takes care of you (Settlor) and your loved ones (Desired Beneficiaries) in the event of becoming incapacitated and/or upon death. It contains detailed instructions for easy transfer of assets to beneficiaries in the most effective and hassle-free manner. There are two tools through which this can be achieved:
Will
A Will is one of the most important traditional Estate Planning legal document you can have. It allows you (Settlor) prescribe Beneficiaries to inherit your assets, entitlement and possession and thereby avoid the intestate process through which a court becomes involved in distributing your assets.
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A Living Trust is an Estate Planning tool in which a person called ‘the Settlor’ in his lifetime, sets it up for his own benefit and/or for the benefit of named beneficiaries and thereafter transfers the assets comprised in the Trust to dependents/beneficiaries named therein without going through the process of writing a Will and subsequent probate.
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