Will --> Tools used in Estate Planning

To begin with, all of us must understand what is Estate Planning. Is Estate Planning neccessary for only for Rich people? For middle income earners like 95% of the population, do they need to? The answer is YES.

Actually Estate Planning is a process that involves Evaluation of an Individual's financial & personal circumstances in order to prepare for future financial needs and the needs of his dependents.


 The First tools which I am planning to share with you all are WILL. In making A WILL, the testator have to appoint an executor (who is above 21 yrs old, mentatily sound and is a non bankruptcy person) to help him to distribute the assets according to his WILL. If this is used, it can only be excerise during the Death of the testator. And the deceased's Estate have to undergo the "Probate Process". Probate is the Court Order authorizing the executor appointed to administer the deceased's estate. The executor have to extract the grant of the Probate before he can distribute the property according. *The executors can be the beneficiaries of the deceased.