You work incessantly to build assets and wealth for your loved ones. Estate Planning is that one crucial step to ensure that everything you’ve built and earned is passed on to them in the most hassle-free way. It’s a prudent gesture of telling that you always care about fulfilling their dreams and safeguarding their financial well being.
What is Estate Planning
All of us built an estate in some way or the other. It comprises of everything from your car, house, deposits, investments, insurance and any other personal possession. Sizeable or not, this estate holds a very significant place in your heart and you would want it to be handed over to someone beloved or responsible in case of your unfortunate absence tomorrow. ‘Estate Planning’ is nothing but a fulfillment of that wish.
It’s an arrangement to ensure that your wishes are carried out while saving your loved ones from the hassle of taxes, legal fees and court visits; usually with the help of the most common and simple estate planning tool – Will
Why do I need a Will?
A Will is the legal way to ensure that your money, property & possessions are passed on to others in line with your wishes and in the most fair manner.
When is the right time to make a will?
At any stage of life when you think you have built a substantial corpus / own valuable assets/ come across major life event, you should legally document it by writing a Will and also update it as and when either of the following events occur (every 3- 5 years).
Case Study 1
Man dies with no will but with significant assets. He has no spouse but has children, but they do not get along with each other. Several of the children apply to serve as administrator of his estate. Since there are competing applications and discord among the family, the court appoints an independent third-party attorney to serve as administrator of the estate.
Case Study 2
Woman prepares her will in 2010. A few years later, she decides to make changes to the will and names a different executor and different beneficiaries by crossing out the portions of the will she wishes to delete and writing in the changes. The will is determined to be invalid since the changes were not properly signed and witnessed.
Case Study 3
Husband and wife each prepare a will in 2005 leaving their estates to each other.Woman prepares her will in 2010. A few years later, she decides to make changes to the will and names a different executor and different beneficiaries by crossing out the portions of the will she wishes to delete and writing in the changes. The will is determined to be invalid since the changes were not properly signed and witnessed.
What is the procedure to make a Will?
Benefits of making a Will
Selecting the right Estate Planner
Things you should consider
What service he’s offering?
How often he reviews and maintains the Will?
What is his principal area of practice?
His years of experience
What are the changes of preparing and executing a Will?
Who should make a Will?
We will be happy to answer