In a way, estate planning is a crucial part of wealth management. Setting up an estate plan can help you establish your future financial goals and end-of-life desires. Additionally, it can maximize your heirs’ inheritance by preventing probate and intestacy.
To summarize, the primary objectives of estate planning are as follows.
Transferring assets among intended beneficiaries.
Reducing tax payment.
Developing a proper succession plan for the family business.
Designating assets to beneficiaries and deciding when they should get them.