Estate planning – Key to making life easy for heirs

Estate planning is bequeathing the property and other assets to the heir(s) of the deceased. Proper estate planning ensures that the legal heirs (children) do not get into legal hassles and financial mess after the demise of the parent. Here are a few tips to ensure passing down of the estate of the deceased in a smooth and hassle-free manner.

First and foremost, the parent needs to reveal to the heirs all the assets that he/she has accumulated and the liabilities that he/she has incurred over the years. This will enable the children to know how to handle the financial situation after the parent passes away.  In other words, the children need to be imparted financial literacy so that they can take appropriate decisions in their financial dealings after the demise of their father/mother. This will help them utilise the inheritance in a prudent manner and not fritter it away recklessly. Financial literacy will also help them safeguard the inheritance from being usurped or snatched away fraudulently by unscrupulous persons.

The second important thing is to introduce the children to a trusted legal counsel who will guide the family on the legal course of action after the demise of the parent. For this, all legal documentation needs to be done and the family needs to be apprised of the same, that is, the legal heirs need to be told about the nature of documents, their legal significance and implications and the physical location of these documents.

Most importantly, the parent needs to write a Will which states in simple, clear and unambiguous terms the exact proportion of assets that are to be bequeathed to each of the heirs. It is advisable to take the help of a lawyer while writing the Will and appoint the advocate or any other trusted person as the Executor of the Will to ensure that the wishes of the deceased as specified in the Will are carried out and that all heirs abide by the tenets expressed in the Will. Also, the heirs need to be aware of the existence of such a Will.