The need of estate planning lies in the advantages that are provided by properly conceiving and executing an estate plan. The most basic need however is in the fact that the owner of the estate has to make sure that his chosen beneficiaries receive the property.
Importance of Need of Estate Planning
The concept of estate planning is one of the most important aspects as far as the estate holders are concerned. Common sense dictates that one should always plan in advance for the distribution of properties before one passes away.
Basic Need of Estate Planning
The most fundamental need for the process of estate planning is the possibility that if an estate owner does not plan for his estate before he leaves the world his intended beneficiaries may not receive the parts of property as he wants them to receive.
It might happen that some one may miss out or a person might receive a property that was meant for another person. There are also possibilities of tax situations as well as other causes like administrative expenses and internal strife amongst the various beneficiaries.
Benefits of Estate Planning
There are several benefits of the process of estate planning. For example if the holder of the estate plans in advance his beneficiaries are able to receive as much as he wants them to get ; they get the shares of the property when he wants them to and any one he does not want to be a beneficiaries is prevented from being a recipient of the property.
Estate planning at the proper time also proves to be cost effective. If the estate planning is done at the correct time it also prevents some unwanted hassles like red tapism for one. The advantages provided by the process of estate planning make them extremely necessary from the point of view of the owner of the estate.
Last Updated on : 30th July 2013