People usually have the misconception that the ‘estate’ word belongs to the rich class. But estate is actually for anyone and everyone who owns anything. Everything you own, big or small, is important in its own way. These assets include our real estate, cars, bank accounts and investments and every private possession. Safeguarding our assets legally for our family’s security is our responsibility.
Planning for after- death might seem like a grave idea but is a necessary requirement. So if you still haven’t, you should take an immediate step towards planning a future for your family. There are platforms now which have made this planning convenient for you. There are companies which have created best estate planning software which makes the process of distribution of your assets more understandable, without any misinterpretations. The major needs of estate planning in our lives are because of the following reasons:
- Family’s security: The responsibilities start piling up once you get married, the pile keeps on getting bigger when you have kids, for their education and future and then, your retirement. All through the process, insecurity keeps lingering on our heads that what would happen to our families if something happen to us. A sense of security is the perfect way of self-assurance in this unpredictable life. That security is given through the process of estate planning. An epitome of a responsible adult, estate planning is the best practical example to ensure safe future for our family.
- To escape probate: The will that a person makes in order to secure his family, is first approved by the court of law, and then the process of transferring the property or assets begins. This process may lead to interference of unwanted third parties, which eventually mislead the judges into interpreting the will in a wrong way. So to avoid this mess, prior estate planning is the best option to avoid harassment of your loved ones.
- To protect beneficiaries: The main reason that a person would want to pre plan their future assets is to: a) protect minor beneficiaries and b) protect adult beneficiaries. Protecting minor beneficiaries include protecting their education and future till they come of age, and entrusting their belongings to a responsible guardian. Protecting adult beneficiaries may be due to several reasons which may include divorce issues, protecting them from bad influences or to protect them from making bad decisions.
Bad decisions: If you fail to make a proper plan for your possessions, then it is up to the court to make one for you. But that won’t be necessary in the favour of your family. If your children are of age, the court may divide your resources equally among your family members which may not be enough for spouse to lead her life comfortable. And in case both the parents die, they state would assign all the properties to a guardian who may not be of your choice and misuse all of your money and property. In this case, the future of your kids will be highly insecure in terms of lifestyle and education.