Estate planning is the process of determining what one wants to happen to his/her estate,which include all the rights,interest and titles that one has in the property he/she owns. Estate Planning essentially means to decide how your estate will devolve upon your loved ones post your demise It eases the process for our loved ones by getting many of the hard decisions, like who gets what, out of the way ahead of time. The purpose of estate planning is to ensure that all of your assets are preserved for your loved ones.
Who needs a Estate Planning
Who does not want that their loved one would remain financial feasible even after our death? No one knows what the future holds, so if we leave unanswered question about what happens to our wealth after one dies, life of our loved ones could be even more difficult. Therefore,estate planning is pervasive i.e important for everyone who holds any kind of movable and immovable properties,gold,Insurance policies etc.
We have a specialized and dedicated team of professionals including lawyers,Company secretaries and charated accountant to help our clients tailor a structure to articulate and implement their vision for succession and continuity of the family wealth during their lifetime.
A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. legal document that authorizes another person---called an agent---to act on behalf of the person who created the power of attorney---known as the principal---in the event that the principal cannot make those decision his or herself.
A general power of attorney gives broad authorizations to the agent. The agent may be able to make medical decisions, legal choices, or financial or business decisions.
A special power of attorney narrows what choices the agent can make. You can even make several different POAs, with different agents for each.
Trust: In estate planning, Trusts can be established to easily transfer assets to heirs. With the right set-up, assets in a Trust can avoid Probate and taxation, and immediately pass from the original owner to the heirs.
There are two types of trusts:
1. Private trust
2. Public trust
While private trusts are governed by the Indian Trusts Act, 1882, public trusts are divided into charitable and religious trusts.
Trust for special child Planning for your child is never easy, more so when you are not around. It is even more difficult if your child is a special child or disabled or suffering from a major illness. How can you ensure that your child will be taken care of when you are not around?
A special needs trust is a trust designed for beneficiaries with disabilities, either physically or mentally challenged. There are legal advantages of using a trust to hold and manage property intended for the benefit of the beneficiary if the beneficiary lacks the legal capacity to handle his or her own financial affairs.