One must understand that when it comes to estate planning you cannot take the ‘one size fits all’ approach.

Synopsis

This article looks at transferring of assets to legal heirs via three routes: a will, a gift deed, and a private family trust. The article details the pros and cons of each route, as well as the charges and taxes you will incur.

Estate planning involves deciding and naming in advance who your assets will get transferred to after you die. One of the most common methods to lay out who your assets will get transferred to is by means of a will.

There are other routes as well that an individual can use to pass on his/her assets to his/her legal heirs, namely by making a gift deed or creating a private family trust.

This article looks at transferring of assets to legal

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