You would have created assets over a period of time. Your family is financially dependent on you. It is vital to ascertain how the family is financially protected and how the assets are distributed once you are no more. If you do not have an estate plan in place, the court will make decisions which may or may not be in your or your family’s best interests.
Estate is everything that one owns viz. assets & owes viz. liabilities and responsibilities. Estate planning is the act of preparing for the transfer of a person’s wealth and assets after his or her death. Assets, life insurance, pensions, real estate, cars, personal belongings, and debts are all part of one’s estate. Estate plans must be written, signed, and notarized by the person who owns the estate.
A last will and testament is an important document giving evidence to an individual’s intentions regarding the passing of property upon death. Failure to create a will can have unintended consequences whereby property inadvertently passes to unintended beneficiaries.
A Will makes succession less complicated and simpler. However many family members do fight and challenge Wills. As per Estate planning experts, this is mainly because of loop holes, overlaps or contradictions in the document arising due to people failing to revise and update their Will periodically.
One of the most integral part of financial planning is Estate Planning. It ensures that in the event of estate owner’s death, the survivors get access to his/her assets without any disputes and legal issues, in the proportion decided by the estate owner. Wills and Trusts are important vehicles for effective estate planning.
A power of attorney is a legal document that allows you to appoint another person to take control of your affairs should you become unable to effectively do so or are in another city and have logistical problems on making and implementing decisions.
The passing away of a loved one always creates an emotional and financial trauma, especially if they have suffered a
According to the Indian Law, “Will is the legal declaration of a person’s intention which he wishes to be performed after his death and once the Will is made by the testator it can only be revoke during his lifetime.” A person cannot give his ancestors property in the form of a Will but he can make a Will only of his Self-Acquired property .
Trust is defined in section 3 of the Trust Act, 1882 as ” an obligation annexed to the ownership of property and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another or of another and the owner.
One can use a trust to hand over the money to a successor when he/she is capable enough to handle it in parts/full. The trust can give the successor a little bit each year for some duration, and then a final lump sum at some age when the successor is capable enough to protect the money as if the person had actually earned it himself/herself.