meaning, objectives, importance, steps of estate planning process. will, power of attorney and trust.

1. Estate
Planning
GROUP 1
Heet Chheda A012
Arunima Ghosh A017
Anushka Ghosh A018
Mitali Parihar A032
Shrenik Shah A039

2. What is Estate
Planning ?
An estate is the total property, real and personal,
owned by an “Individual” prior to distribution
through a Trust or Will.
01
Estate Plan aims to preserve the maximum
amount of wealth possible for the intended
beneficiaries and flexibility for individual prior to
death .
02
Estate Planning is the process by which an
individual or family arranges the transfer of
assets in anticipation of death or incapacitation.
03

3. Objectives of Estate Planning
:
• Transfer of assets to beneficiaries.
• Paying least amount of taxes.
• Planning for Incapacity.

4. Basic Steps of
Estate Planning
Process:
Establish the Client/Planner relationship.
Gather client information.
Determine the client’s financial status.
Develop a comprehensive plan of transfers consistent
with all information and objectives.
Implement the Estate Plan.
Review the Estate Plan periodically.
01
02
03
04
05
06

5. Importance of
Estate Planning
“Never say you know a man until you
have divided an inheritance with him.”
- Johann Kaspar Lavater

6. Importance of Estate Planning
Protect Your
Beneficiaries
01
Protect Your Family
If You Have Young
Children
02
Avoid a Family Mess
03
Override Your Pre-
Written Will
04

7. Importance of Estate Planning
Help Your Heirs
Avoid
Overpaying in
Taxes
05
Protect Your Assets
from Unforeseen
Creditors
06
You Can Choose Your
Personal Estate
Representative
07
For Your General
Peace of Mind
08

8. Last Will and Testament
Following are some reasons to write a will-
To ensure your children are raised how you
want.
02
To protect your new family.
03
01 To make sure your property goes to your
loved ones.

9. Because Sparky
might go to a
pound.
If you don’t specify who will care for your
pets when you are gone, they could end up
at the pound. Many people feel burdened
having to support someone else’s pet, do
not just assume a family member will step
up to the plate.

10. So you don’t have to pay
extra court fees.
Without a will in place, the court will appoint an
administrator to help resolve your affairs. This can cost
you up to 10% of everything you own in fees.
To set up a trust.
Many people choose to create trusts in their in their
wills. These trusts go into effect upon your death and
give you great flexibility and control over how your
property gets distributed.

11. So you can have a
rockstar funeral.
In your will you can specify exactly how you want your
funeral to take place.
 Do you want to be cremated or buried intact?
 Where should the ceremony take place?
 What celebrity will give your eulogy?

12. Power of Attorney
Meaning Need Types

13. Forced Heirship
• Rule of law where individual not free to dictate who
will inherit his estate on his death
• Automatically confers power to certain individuals
to bequeath certain portion of the deceased’s estate
• Reasoning behind it- Family protection
• Importance- Does not allow an individual to Will
away his estate without providing for his
dependents

14. TRUST
What is a trust fund?
A trust fund is a legal entity formed as part of an estate
planning tool which holds a grantor's assets and duly
distributes them to the inheritors after the granter passes
away.

15. Important terms
This is the person who transfers
assets to a trust fund.
GRANTOR
01
The person who is given the legal
right to assets in a trust fund is a
beneficiary.
BENEFICIARY
02
The decisionmaker responsible for
ensuring the assets in the trust fund
are appropriately distributed is
called the trustee.
TRUSTEE
03

16. Types of trusts
1. Testamentary Trust: A testamentary trust leaves assets to a
beneficiary with specific instructions following the grantor’s
passing.
2. Revocable Trust: A living trust, also known as a revocable trust lets
a grantor better control of assets during their lifetime.
3. Irrevocable Trust: An irrevocable trust is very difficult to change or
revoke.

17. Types of trusts
4. Charitable Trust Fund: When grantors want their wealth or a part of it to be utilized
for a greater good, a charitable trust is formed.
5. Spend-thrift Trust: Such a fund is formed when grantors believe that their heirs
cannot responsibly handle their inheritance.
6. Generation-Skipping Trust: This is a tool to transfer your wealth to your
grandchildren/great-grandchildren directly rather than passing it down through
their parents.

18. Will vs Trust
What’s the difference?
• A will becomes active only after one's death. A trust is
active the day you create it.
• All wills must go through probate, where an authorized
court administrator examines them. Trusts are not
required to go through probate when the grantor dies, and
they cannot be contested.
• Wills can be contested, trusts cannot.

19. WEBLIOGRAPHY
 https://www.personalfn.com/guide/estate-planning
 https://www.personalfn.com/fns/why-estate-planning-is-
imperative?utm_source=fns&utm_medium=email
 https://www.investopedia.com/articles/wealth-
management/122915/4-reasons-estate-planning-so-
important.asp
 https://www.investopedia.com/terms/t/trust-fund.asp
 https://www.forbes.com/advisor/investing/trust-fund/

20. Thank You