If you are about to name the new heir to your property and accumulated belongings, it is recommended that you opt for estate planning and not for making wills.

In this piece of information, we will be reading why estate planning is considered to be better than making wills.

From Economictimes.indiatimes.com:

Estate Planning is a process of accumulating and disposing of your wealth, be it cash, shares or property in a systematic and predetermined manner to a certain beneficiary/beneficiaries of your choice. This process is carried out through the Trust route.

The testator sets up a Trust, which is manned by trustees appointed by him/her. The idea is to appoint third party trustees, so that the asset transfer process is carried out in a neutral manner. This also helps in maintaining the confidentiality of the Will.

The first step to estate planning is making a will. You have the option of transferring your assets to your legal heirs either through will or estate planning. Estate planning will gain ground in India because even today a large percentage of Wills get challenged.

When Wills are challenged, it leaves individual beneficiaries and families in disarray. If an individual carries out succession planning through Trusts, in one’s life time, then the possibility of loopholes is minimal. Moreover, an individual is perishable not the entire trust. There are evidences of deceit by individual lawyers at the time of the execution of Will. So setting up of a Trust will help especially those individuals who have a high net worth.

All in all, estate planning is any day better than making wills so that peace and harmony stay with your special ones.

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