Estate planning is the process of planning and arranging one’s estate to ensure the individual, the family, other parties which might include charitable organisations the individual is affiliated to. The plan involves assets like real properties, shares, bonds, bank accounts, retirement savings account etc, it requires the need to outline the ownership and nature of title on each asset. Estate planning often structured to suit the specific needs of the individual takes caters to situations like incapacitation or death.

Planning your estate is a very important step an individual must take to ensure his/her desires are achieved on his/her assets. A lot of people often overlook or put off taking action on having an estate plan which creates concerns for the family. Note that a comprehensive estate plan will help you resolve legal issues that may arise when you are no longer around. An estate plan will ensure that your family’s financial needs are met, your assets are distributed in a timely and proper manner to the people or institutions who you desire to be beneficiaries to your estate adopting a tax efficient process.

Notwithstanding your current status in life, you must have at least a basic estate plan in place. The love and desire to create a better life for one’s family is the drive behind the step to developing an estate plan.