---

Author(s): S. T. James.

Volume/Issue: Volume 7 , Issue 3 (2024)

Abstract:

The reality of death and the inevitability of retirement due to old age makes it is essential to establish a comprehensive estate plan to avoid the potential for disputes and financial uncertainty that can result from poor planning. The main objectives of estate planning entails clarifying one's financial and personal affairs, ensuring the well-being of loved ones, and reducing the burden of estate taxes. The ultimate goal is to create a comprehensive plan that outlines how one's assets will be managed, distributed, and passed down to beneficiaries, both during life and after death. This involves anticipating future challenges, such as illness, disability, or retirement, and taking steps to mitigate their impact. It also means ensuring that property is transferred to the intended individuals, rather than unintended ones, both before and after death. Additionally, estate planning allows for the appointment of guardians for minor children in the event of death or incapacitation, providing peace of mind for families. By doing so, individuals can achieve a range of benefits, including greater control over their legacy, financial security and emotional peace. Everyone desires to exit this world peacefully. It is also everyone’s desire that there will be peace after their death especially as regards the devolution of their estate. As death is a certainty, what becomes of the property and assets of the deceased individual after they pass away? Are there complexities in the administration of the estate of the deceased? These will be closely examined in this paper.

Keywords:

Probate Practice, Wills, Testate, Intestate.

No. of Downloads: 0