Many of us engross ourselves in earning money to such an extent that we forget the very purpose of earning money, how much is sufficient and how much is the deficit. So we wake up, go to work, come back, sleep and again work. We don't give sufficient time to answer the following question:
" What you own, why you own and who will own my assets after my life"
Estate planning helps you to protect yours and your family’s interest after you are gone and that too at a minimum cost. This not only reduces taxes but also minimizes the chances of family strife and ugly legal battles.
An estate of a person includes all his organs, his physical, financial as well as digital assets. Deciding on what asset should go to whom in what proportion is the simple essence of estate planning. The assets of a person who dies intestate (without estate planning) will be distributed as per the applicable law of the land.
After death, incapacitated situation, living but not able to move around are all situations that demands estate planning.
So, the question one needs to answer is "are we giving wealth to family members or are we giving complexities to our loved ones".