A Brief Introduction to Estate Planning Insurance

A Brief Introduction to Estate Planning Insurance - Harpreet Puri

Life is uncertain. No matter how small or large your property is or how old or new your vehicle is, everyone needs to plan their estate. If you are under the notion that there’s time, and it takes too much effort to prepare for your estate early, well, you are wrong. Everyone who has life insurance needs to have estate planning insurance too.

In summation, estate planning insurance is nothing but planning the distribution of assets to heirs and settlement of taxes in advance to relieve them from experiencing any financial burden after your demise. Harpreet Puri has over ten years of experience providing estate planning insurance to customers and can help them design the right estate plan to suit their needs.

What Does your Estate Plan Include?

Everything you own at the time of your demise comprises your “estate.” They could be:

  • Your vehicles
  • Your jewellery or any artworks
  • Your real estate
  • Your bank accounts
  • Your stocks and other securities
  • Your Life insurance policies
  • Your furniture etc.

How does Planning your Estate Help?

Planning your estate can help you achieve the following items below-mentioned regardless of your age, size of your estate, etc.

  1. Planning to create a legacy: Trusts can go on for decades. It enables you to create a gift by authorizing the right people. If you are financially well-enough, you can also ensure the well-being of your great-grandchildren by planning your estate.
  2. Keeps your assets safe and secure: Even after your death, you can have control over your assets. How may you ask? Harpreet Puri can draft an estate plan to help protect your assets, even in specific legal changes on inheritance.
  3. Tax benefit: In some instances, estate taxes can go up to as high as 40%. With Harpreet Puri’s experience and expertise, she can help draft an estate plan to minimize the tax collected and prevent your heirs from having any future legal hassle; you can pay the taxes yourself.
  4. Self and business planning: In addition to safeguarding your legacy and keeping your assets safe and secure in your estate plan, you can also plan the kind of medical care you wish to receive in certain situations where you will not be able to make efficient decisions. You can also design your funeral arrangements and cover the necessary expenses required. Apart from planning your performances, you can also assign your business to a critical person or trustees to make sure everything handles the way it was.

An Estate Plan Enables you to:

Estate planning gives you the right to draft a set of instructions to be followed after your demise. It may include:

  • Authorizing an executor to make sure all the terms and conditions of the will are followed accordingly by the individuals to whom the choice was left.
  • You are writing a will to distribute all the assets appropriately.
  • They are planning annual gifting to reduce the taxable estate.
  • We are setting up a durable power of attorney (POA) to direct other assets and investments.
  • Assigning guardians for all dependents.
  • Include instructions for passing your values (religion, education, hard work, etc.) in addition to your valuables.

For further information, Get in touch with Harpreet Puri today to schedule an appointment.