Published Jan 28, 2021
MYTH: Estate Planning is only for people of a certain age.
TRUTH: Individuals in their 20s and 30s also may find estate planning useful. Unfortunately, we cannot predict our last day, hence it is better to plan today.
MYTH: Estate Planning is only meant for people with complex assets and families.
TRUTH: Every asset matters! Even if you feel your assets are not worth a lot or are fairly simple, having an estate plan can help determine who in your family gets what and more so as per your wishes.
MYTH: My family members have very good relations, we do not need a formal plan.
TRUTH: When relations are good, it provides the best opportunity to plan. Without a plan, intestate succession laws will prevail whereby assets will be distributed as per law in a predefined manner to your family, that may lead to complicated ownership of assets & possibility of family friction.
MYTH: As my objectives are simple, a do-it-yourself will online will suffice for me.
TRUTH: Firstly, mere will drafting doesn’t suffice. The quality and benefit of consulting a specialist and having a bespoke will is incomparable to a template online that may not take into account your unique circumstances and address your queries. You simply may not want your years of hard earned wealth put to chance.
sneha.makhija@sanctumwealth.com