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Manish kumar 10df041


estate is the total of all personal and real property owned by an individual. Real property is real estate and personal property is everything else such as cars, household items, shares, units, and bank accounts.

Estate planning refers to the process by which an individual or his/her family arranges the transfer of assets to the legal heirs in the event of death or disability of the individual. It includes the distribution of the real and personal property of an individual to his/her heirs. One of the goals of an individual will be to protect the needs of the loved ones during lifetime and after his death. This can be achieved by way of estate planning by distributing assets among his beneficiaries. An estate plan aims to preserve the maximum amount of wealth possible for beneficiaries and flexibility for the individual prior to his death.

transfer to beneficiaries: Every individual wishes that his/her accumulated wealth should reach the hands of the beneficiary of his/her choice. Beneficiary can be his/her children, parents, friends or any other person. Tax-effective transfer: To ensure least tax deduction on such transfer of wealth Planning incase of disabilities: It ensures smooth functioning of asset management within the family incase an individual gets disabled.


of distribution can be pre-decided: Individuals having minor children may wish to transfer the assets only after the children attain a certain age, to avoid misuse that may happen due to lack of maturity and discretion. Business succession: Organized succession or winding up can be defined incase of an individual handling business

Selection of trustee or guardian or the executor: An individual needs to be appointed to carry out the functions like Distribution of assets to the beneficiaries as per the individual's wish To pay testamentary and funeral expenses Applying for a probate Paying all the expenses and outstanding debts Ensuring all the benefits due to the deceased, such as life insurance, pension, and other benefits are received Arranging for filing of tax returns

A financial planner performs the following steps in estate planning Relationship establishment Information gathering Determining the client's financial status Draw out a plan of transfer Implementing the plan Regular reviewing of the plan

People: you

, your family , relatives, charitable organization on your choice. Charitable assets :-properties with all forms of ownership; Your future needs:-in case you unable to care your self. You , your
family, relatives , charitable entities

Your future needs

Your assets property

The ironic thing is that most clients think their estate plans are set up correctly infact:o One or two out of ten do not have simple will. o Nine or ten out of ten do not have durable power of attorney. o Five or six out of ten do not have trusts for estate tax planning. o Nine or ten out of ten do not have a family limited liability or family limited partner ship. o Seven or eight out of ten do not have a irrevocable life insurance trust.


is a legal declaration of the intention of a testator with respect to his property, which he desires to be carried into effect after his death. It includes codicil and every writing making a voluntary posthumous disposition of property.

It must be intended to come into effect after the death of the testator. It must be revocable by the testator at any time.


action of one party, person or product being replaced by another that has become obsolete, incapacitated, retired or deceased. Ideally, a successor will fill the role of its predecessor, being fully compatible with all other entities in place and perfectly functional without any interruption in service.

protection against the loss of income that would result if the insured passed away. The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.

individual's goals or wishes on how his assets are to be distributed may not be fulfilled Huge costs of transfer and taxes An individual's family may be in financial distress if the process id not properly planned There may be insufficient liquidity to meet client's debts an taxes Time consuming legal procedures