There was a business times article entitled “Estate planning: Private bankers or lawyers?” It was an article on engaging lawyers and private bankers for estate planning. Many people think that setting up a trust is estate planning – it is not. Trust is one of the many tools and products used by an estate planner in implementing an estate plan. But these tools are not estate planning. The financial industry got it wrong when it gave the impression that buying an insurance policy (product) is financial planning. Similarly many people thought that writing a Will or setting up a trust is estate planning. To build a building, we first must have the architecture design. It is followed by construction using construction tools such as bulldozers, crates, etc. Estate planning is like the architecture design. Wills and Trusts are tools similar to that of the bulldozers and crates. Without ......