Succession Planning or Estate Planning -1

Estate planning is closely related to succession planning. You are making it known what should be done with your property and who should be looking after what out of your accumulated assets & liabilities.

 It is the process of anticipating and arranging for the disposal of an estate during your life. Estate planning typically attempts to eliminate uncertainties over the administration of a probate  and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiarieswith incapacity.

When you have the choice, would n't one prefer to keep control of who receives what and when? Wouldn't you like it to be settled at home than taken to prolonged litigation and public discussion? Your little one may need more assistance  than the elder children. Your spouse may need more money than the proportionate share to survive


You may leave a will  or not are the two ways in which succession is dealt with in our times.

Planning your estate will help you organize your records and correct titles and beneficiary designations.
 Planning your estate now will help you organize your records, locate titles and beneficiary designations, and find and correct errors.
 It is much better for you to take the time to do this correctly now than for your family to pay an attorney to try to fix things later.
Estate planning does not have to be expensive.
Start with what you can afford. For a young family or single adult, that may mean a will, term life insurance, and powers of attorney for your assets and health care decisions. Then, let your planning develop and expand as your needs change and your financial situation improves. Don’t try to do this yourself to save money. An experienced financial planner will be able to provide critical guidance and peace of mind that your documents are prepared properly.
The best time to plan your estate is now.
None of us really likes to think about our own mortality or the possibility of being unable to make decisions for ourselves. This is exactly why so many families are caught off-guard and unprepared when incapacity or death does strike. Put something in place now and change it later…which is exactly the way estate planning should be done.
The best benefit is peace of mind.
Knowing you have a properly prepared plan in place - one that contains your instructions and will protect your family - will give you and your family peace of mind. This is one of the most thoughtful and considerate things you can do for yourself and for those you love.



Happy investing