Estate Planning refers to the arrangement a person makes or put in place during their lifetime for the management, distribution and/ or disposal of their Assets. A vast majorities of people believe they do not require estate planning and that it is only for the wealthy. Estate Planning is for everyone, not just the wealthy and it is a plan a person makes for the management and administration of their Assets during their lifetime and after death for the benefits of their loved ones.
When a person pass on without an estate plan, the court will be forced to make crucial decisions for the deceased such as: the distribution of the deceased Assets, appointment of guardians (for the deceased minor children) and personal representatives, dissolution of business, etc. This process is very expensive and can lead to dispute among the members of the deceased families. The issue of culture also comes into play wherein tradition and extended family members take charge and determine the future of the deceased immediate family.
What makes up an Asset? What is the role of culture and traditions?……..follow us on the Journey.