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Unit 12: Estate Planning
(v) Ensuring all the benefits due to the deceased, such as life insurance, pension, and Notes
other benefits are received
(vi) Arranging for filing of tax returns
12.4 Steps in the Estate Planning Process
As like any other financial service, a financial planner similarly performs the following six steps
in estate planning:
1. Relationship establishment
2. Information gathering
3. Determining the client’s financial status
4. Draw out a plan of transfer
5. Implementing the plan
6. Regular reviewing of the plan
Figure 12.1: Process of Estate Planning
12.5 Tools of Estate Planning
There are various tools that a financial planner can adopt for getting an estate plan in place.
Some tools are effective during the lifetime of an individual while some after his/her death.
12.5.1 Tools used during the Lifetime of an Individual
Figure 12.2 shows the tools used for estate planning by transferring the assets to the beneficiary,
with or without restrictions, during the lifetime of an individual.
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