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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

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.

To avoid lengthy and complicated legal process
To carry out your wishes and avoid inheritance disputes
To secure future of your dependent family members
To have a better hold on your tomorrow
Why do I need a Will?

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?

Procedure to make a Will
Prepare a template of your wishes
Mention division of share and review the will
Appoint an executor
Declare your name and details of property & documents
Prepare a formal draft with the help of an authorised expert / lawyer
Sign the will in presence of two witnesses

Benefits of making a Will

Prevents financial and legal grief to your loved ones
Avoids complications, disagreement, bitterness and drift in the family
Ensures that physical, financial and online assets are passed to your loved ones
Can provide for, or address to a family member or a loved with special needs
Estate planning can also help pass accolades bestowed on you to a specific individual
Helps prepare for contingencies
Helps the beneficiary reduce tax outgo on account of inheritance
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?

Owner of real estate property
Financially dependent spouse/parents/siblings
Spouse – incapable of managing the estate
Family members with specific needs
Single parent with minor child/children
Person suffering from critical illness
Couple with no children

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