"I recently spent days planning a perfect beach holiday for our family and it got me thinking about how much time I spend on planning for events in the near future, but barely give any thought to 'one day' and what will become of all the assets I have accumulated and will still accumulate during my life time, should something happen to me. I find the thought of estate planning quite overwhelming though. Is it really that important that I address it?"
A person’s estate consists of all the assets and liabilities accumulated during his/her lifetime, and which will be left behind in the event of their death. Thus, estate planning can be defined by its purpose which is to protect and increase an individual’s assets, ensuring the effective and beneficial distribution thereof and at the same time limiting the liabilities of their estate.
The secret to estate planning is knowing that it is never too early or too late to start. Whether you are a financially independent individual or just starting out with your career, the importance of estate planning applies to all. To explain the importance of estate planning, we have identified five reasons why estate planning should play a crucial part in your long-term plans:
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