Question

In: Accounting

You are talking to a client about reviewing their estate planning documents and she reveals to...

You are talking to a client about reviewing their estate planning documents and she reveals to you that she doesn’t have any. She explains to you that she doesn’t need a will or any other type of estate planning because she doesn’t have much in assets and doesn’t plan to leave anything behind to her daughter. How would you advise her?

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Expert Solution

I will advise her that it is important for a person to review their estate planning as well as needs to prepare a will for many reasons like:

1. ESTATE PLANNING WILL HELP HER DAUGHTER will suggest her that after her death there will be no legal guardian for her child which she will never want to happen. So she needs to think about her daughter for the future. And because of estate planning her daughter will live the life like she wants.

2. ESTATE PLANNING WILL HELP HER DAUGHTER TO REDUCE TAX PAYMENT by the estate planning a big part of tax is gets reduces or sometimes they do not have to pay taxes at all.

3. ESTATE PLANNING WILL SOLVE THE PROBLEMS as she has will of her own then nobody other than her daughter could claim after her mothe'rs death. So outsider could come and claim for anything.

Even though she is saying that she do not owe any property but apart from that she must have something that could claim by any person after her death and the main person is her daughter. Her daughter is also a responsibility of hers so it is necessary for her to make a will and do estate planning,

ekkarill92 answered 1 year ago
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