What are the steps to Estate Planning?

There are a few steps of Estate Planning one can take based on the situation one is into. Some steps are cheap or free of cost; some are costly. But they do serve different purposes.

• ❖The easiest and cheapest mode of estate planning is a ‘Will’.
• ❖ Forming a ‘Trust’ is suited if the successor is minor or not in a position to manage the inherited assets. The probate process can be avoided by forming a ‘Trust’.
• ❖‘Power of Attorney’ is useful in case of incapacity of the property owner.
• ❖‘Gift’ is an easy but irrevocable transfer of estate during the property owner's lifetime.
• ❖‘Succession’ – the ultimate legal process in case of death of an intestate property-owner.