Estate planning is the process of making proper arrangements for the disposition and management of one's estate at death.
This can also avoid legal and administrative complications that may arise.
Benefits of estate planning include:
- Smooth and efficient transfer of wealth to family members or loved ones (taking into account legal complications and timely action)
- Proper management and/or distribution of wealth/business
- Avoidance of disputes/legal tussles over the distribution of wealth
Wills, trusts and foundations are common tools used for estate planning.
Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)
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