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Estate Planning for CFP – 1

Posted by Prashant Shah on October 15, 2012

What is Estate Planning?

Estate Planning is a process of arranging and planning a person’s succession and financial affairs. The primary goal of estate planning is ensuring that the estate of the individual passes to the estate owner’s intended beneficiaries.
Importance of Estate Planning:
  1. Harmonious and planned succession and disposition of the estate which helps ensure that your money and other assets go to the people you choose
  2. Efficient management and accumulation during and after life
  3. To take care of unforeseen eventualities by providing for who will care for your minor children if you become unable to
  4. Defusing potential conflicts over the distribution of your assets

In the real world you may seldom find the families those who have no issues related to the estate. Estate planning is indeed a need of the day. It is the core responsibility of the planner to make the client aware about the importance and ease of process for estate planning. You may also observe that people talk a lot about estate, think even more for the ways of disposing it but do nothing to avoid probable conflicts among the loved family members.

Means of Estate Planning – Will

A will is a legal document that states how your assets will be distributed after your death as per your wishes. There Often arises problems and complications when a person dies without a Will. A Will  is defined as “the legal declaration of the intention of the testator, with respect to his property, which he desires to be carried into effect after his death.”
Characteristics of  Will:
  1. Legal Declaration: The documents intending to be a Will or a testament must be legal, i.e. in conformity with the law and must be executed by a person legally competent to make it
  2. Disposition of Property: The declaration should relate to disposition of the property of the person making the Will
  3. Death of the Testator: The declaration as regards the disposal of the property must be intended to take effect after his death
  4. Revocability:The essence of every Will is that it is revocable during the lifetime of the testator. People capable of making Wills are, Every person who is:
    1. not a minor
    2. of sound mind
    3. free from fraud, coercion or undue influence

Types of Will

Important terms:

Testator: A person who makes the will

Testament: A legal document declaring a person’s wishes regarding the disposal of their property when they die

Codicil: According to Indian Succession Act, Section 2(b) Codicil is an instrument made in relation to a Will and explaining, altering or adding to its dispositions and shall be deemed to form part of the will

Probate: A probate means a copy of the will, given to the executor, certified under the seal of the competent court and signed by one of the registrar, certifying that the Will has been proved


4 Responses to “Estate Planning for CFP – 1”

  1. Manish said

    dear sir thank u so much for providing such a beautiful infographic of estate planning

  2. vikas said

    Dear Prashant,
    Apart from the above article for estate planning Can u pls suggest some more reference material for estate planning as in my exam lots of theory question were asked from will and power of attorney for which i dont have any material

  3. Dear prashanr sir,
    can pl tel something about 1) offshore trust and regulatory requirement 2) cancellation and revocation of trust

  4. Manish said

    Dear zalak,

    There are many rules and regulations of trust all which cannot be described in comment section.For that you need to have a proper standard book like mandar or any education provider’s book

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