Why Estate Planning are important?

By YiLin Zhu

Most of us never like to think about estate planning. It seems morbid to think about demise. Since there is no one is prepared themselves for the worst thing in the family, so no one ever brings up estate planning as a topic to discuss about. However, estate planning takes an important part in everyone’s life. The correct way to define estate planning would be, pre-planning ones personal assets before any unfortunate happens.

Estate planning is more common in some developed western countries than most of the traditional valued countries, such as China, Korea and Japan. People from these countries will think it is bad luck to making estate planning while someone still alive or healthy. However, more and more law cases about unfairly-distributed heritage warned people from Asia that estate planning is necessary to them.

There are several benefits of making estate planning. First of all, it will help the testator distribute his or her asset completely based on their own willingness. And there will be a trustable agency taking care of the asset transfer. Secondly, once if the testator loses his or her ability of ideation, the agency still able to passes over his or her will which he or she made before. Finally, estate planning helps the testator’s heir reduced or even eliminates the death duty. Thus, making estate planning is a smart decision.

Sources #1; Source #2; Source #3.