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Estate planning: A necessity at all life stages and for income levels

In the absence of a Will, intestacy laws will ascertain how your assets are passed on, which may go against the interests of your loved ones

May 27, 2021 / 11:03 AM IST

Your loved ones will benefit immensely if you have an estate plan that is reflective of your life stage. Estate planning is not just for the super-rich; it’s suited to all income groups.

The point is simple: if you own assets and would like to pass them on, an estate plan is pertinent, irrespective of your age or the quantum of your wealth.  In fact, the key is to understand what elements should be included in your estate plan, considering your current age and life circumstances. As your life evolves, so would your objectives. For instance, your priorities in your retirement stage would be vastly different from what they were when you began your career. Each phase in your life is unique, and so should your estate plan be.

Let us understand the estate planning strategies you should adopt if you are just beginning your life’s journey, or are mid-way or are approaching the golden years of your life.

Lifecycle of Estate Planning: