One of the biggest fear of any individual is that what will happen to my assets for which I have worked all these days with sweat and blood! Assets that could make up an individual’s estate include houses, cars, stocks, paintings, life insurance, pensions, and debt. Individuals have various reasons for planning an estate, such as preserving family wealth, providing for surviving spouse and children, funding children and/or grandchildren’s education, or leaving their legacy behind to a charitable cause.
We at Wealth Bees(brand of Cadence Finserve Private Limited) help in planning the estate to be bequeathed to legal heirs .This Includes the following steps–
Writing and registering a will- This one of the most common form of estate planning. This is a legal documents written and registered by an individual describing how his/her properties to be distributed after the death. The nominated executer to fulfil the stated intentions. The trust can go into effect during their lifetime known as living trust or after the death of the individual known as testamentary trust.
Creating Trust- One may form a trust to direct the distribution of assets after the creator of the trust passes away. This is best to use when one may want to ring fence the rights and future of minor or special children’s. Trusts offer a high degree of control over management and disposition of assets. Certain types of trust provisions can provide for the management of wealth for several generations past the settlor. Typically referred to as dynasty planning, these types of trust provisions allow for the protection of wealth for several generations after a person’s death.