Estate planning is the process of transferring your assets to the person(s) whom you want to, in the manner you want to and at the time you wish to. It includes the physical, financial, nontangible assets you owned before your death and also anything you may own after your death. The physical assets consists of land and building, precious articles and such other tangible easily identifiable items. Financial assets cover cash, deposits, shares , mutual funds etc. Non tangible assets can be your good will, email –to cite examples. Govt or airline compensation declared on the death of passengers in and accident or calamity is an example of an asset one may own post his death.
In India there are different laws pertaining to legal heirs based on one’s religion. Creation of different types of wills is one of common instruments of estate planning.
Estate planning helps in smooth transfer of assets to one’s near and dear ones so that one can leave a legacy of strong bonded relationships for his heirs and not bitter legal cases leading to broken relationships.