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ICICIdirect Posted on 10:55am 20-Jul-2020

A guide to legacy planning

Our lives have mostly spent on building assets, thus it's our responsibility to take steps to protect our assets. The effective way to do so is through legacy planning. Legacy planning enables you to transfer your wealth according to your wishes through wills, trusts, or power of attorney. It's a mechanism by which your estate is distributed among people you choose and in a manner you find fair. The practice ensures a hassle-free legal process, and also reduces family disputes.

So why doesn't a person draw up a will to make sure that the assets are passed on to the right person in an orderly manner? One answer could be the fact that there is a lack of awareness about eligibility and also what goes behind the process of legacy planning. We hope to put light on some of these questions through our magazine.

There is no specific age to create a legacy plan. Anyone who has some asset holding in his/her name should create one. The use of wills and trusts in the right manner enables you in building a legacy plan. In this issue, we highlight the importance of legacy planning and explain the criticality of creating a Will and other mechanisms like trusts to help you create a legacy plan.

This edition highlights the importance of legacy planning and it will take you through the different ways of legacy planning. To uncover a few facts on legacy planning, Mr. Rahul Parmar, Head-Investment & Family office, ICICI Securities, has shared his views in the edition.

Click here to read the full version

Happy Reading!