What is an estate plan and who needs it?

An estate plan is a collection of documents that specify how you want your money and other assets distributed, making it easier for your loved ones and financial dependents to handle your affairs after your demise. Everyone needs an estate plan; the degree of complexity may vary depending on the stage of life you are in or the kind of financial assets you own. For instance, when you have young children, you will need to name guardians for your children whereas when you are old, you can mention your financial beneficiaries through simple forms and nominations. The best benefit of having an estate plan is having peace of mind that your money is being used the way you want it to be used after you.

OLMdesk@outlookindia.com