Proceed Legal

What should everyone know about estate planning?

For any succession plan to achieve it's intended objective, it must be well consulted between family members, thought through in detail, appropriately documented and effectively actioned. Typically, the key essentials of a good succession plan are honest and transparent communications, segregation of economic succession and management succession, a collaborative approach driven by a win-win objective, and robust documentation.

Over the years, families have typically adopted various practices for succession planning. These can broadly be classified into 3 modes: 1. Wills, 2. Use of Trust Structure, and 3. Family constitution.

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Unplanned succession may lead to multiple issues in family & business: Vishal Yeole, Waterfield Advisors In the circle of life and death, death is inevitable and thus succession is certain. If the b

“ By failing to prepare, you are preparing to fail.” – Benjamin Franklin

If having an Estate Plan brings safety, certainty, and confidence, why do people put off planning?

The most common reason is fear. Fear of the unknowns about the process. Fear that the cost will be high. Fear that they might make a “mistake” that will embarrass them in the future.

Another reason I have found is a lack of knowledge. People don’t know who to talk to or where to start the process. I also find that a lack of education/understanding will inhibit people from planning.

Many people aren’t aware that Estate Planning is for everyone or what Estate Planning is for. Finally, people may unintentionally put themselves in a position where they don’t have a plan due to lack of maintenance of a previous plan.
Once an Estate Plan is established, it should be updated and maintained every 5 years.

5 W’s of ESTATE Planning

1. Who do You plan for?
Family ; Most people desire to pass on the estate they worked their whole life to achieve to their family as efficiently and effectively as possible.

2. What do YOU plan for?
Unfortunately, you are planning for the inevitable end of your life. You are also planning for your incapacity should you fall into a state where you can no longer care for yourself , by putting specific directives of your wishes for the care of yourself, of your estate and even your pet.

3. When do YOU plan for?
Yesterday!!! But that is not a possibility, so let’s do the next best thing and begin to plan NOW. There is no guarantee of tomorrow.

4. Where do YOU plan for?
Right here! With the legal guidance and financial guidance we combine to craft the perfect plan for you based on the needs and desires you express to us.

5. Why plan?
Having a plan will help to avoid conflict. Additionally, placing your estate in a trust will remove the need for probate court, saving money and time for your family

For legal consultation / advice /discussion, you can get in touch with our team at Proceed legal Contact # 8810522553, Email – [email protected]