“We will see you in court” is the simple words taking on a sour relationship between and some time within the Family. When the matter is on property and investments then anyone can go any level to get it in their favour. A recent example comes from Vijaypath Singhania V/s Gautam Singhania on possession of duplex at JK house in Mumbai since 2007.Where Honorable Bombay High court ordered to resolve the matter amicably in August 2017. For 10 years father-son relation got crabby, this was just one case from lakhs registered case in every corner of India. Ours is a nation where a dispute over wealth distribution among siblings or cousins is common, One of the most common reasons for family feuds in India and rest of the world is because of faulty Estate Planning.
What is Estate Planning?
During the course of wealth creation age of a person with the sole aim to distribute among children of other relation. Estate Planning is a process to pass on the wealth to legal hires or beneficiaries in a hassle free manner to enjoy wealth without any disputes.The misconception that only riches has Estate its wrong every one own some or the other Estate and every Estate need succession planning early on rather than wait for a court battle to start.
Why do I need Estate Planning?
With an increase in income and proper Financial planning done more and more disciple wealth is being accumulated. Estate planning is becoming increasingly necessary for every person to ensure planned succession, avoid family conflicts leading to the disintegration of business and lengthy court battle. It is a harmonious, planned succession and disposition of the estate which helps ensure that your money and other assets go to the people you choose. Estate planning takes care of unforeseen eventualities by providing for who will care for your minor children if you become unable to. It defuses potential conflicts over the distribution of your assets either by creating a trust of making a will.
Negligence of estate planning can have serious consequences, hence Estate planning is the foremost judicious step in securing your family’s future and fulfilling your desires during your life and after you depart from the world.Hence to know more about Estate Planning please be free to contact us
