Understanding the legal validity of a Will made before marriage can save families from future disputes.
Understanding what marriage does to the validity of a will is important to prevent conflicts and make sure that assets are passed on as planned.
Making your Will legally robust can save your heirs from disputes and ensure your last wishes are honored.
Indian high-net-worth families are increasingly turning to trusts instead of wills to transfer their properties, seeking greater control, privacy, and tax efficiency.
Gaining control over your legacy today can spare loved ones frustration in the future.
Including physical and digital gold in your will can prevent future disputes and ease the inheritance process.
Wills and powers of attorney are vital for senior citizens to protect their financial and healthcare wishes. Seniors should choose trusted individuals and keep documents updated for comprehensive security.
By combining the nomination with a well-crafted will, individuals can have peace of mind knowing that their assets will be managed and distributed per their wishes.
A Will is a must if you want to pass on your assets as per your wishes, but that comes into effect only after the testator passes on. A trust and a power of attorney takes care of people when they are alive. A solid estate plan includes all three.
When you nominate a successor, it will help the nominee receive your assets in a hassle-free manner without having to go to the courts to obtain a succession certificate or a probate of the will.
To avoid any chances of a dispute, one should as far as possible bequeath a particular asset to the named nominee.
There is a demand among a section of experts that a nominee of a financial asset must be made the legal heir. While nomination is crucial for a smooth flow of assets to the legal heir, equating nominations with succession is disastrous.
Today, where technology has practically transformed almost all businesses, estate planning and legal services can’t be far behind. We need to impress upon and push our policy makers to introduce the right laws and amendments to embrace these technologies, eventually making it convenient for all stakeholders.
For the bequest of their wealth (assets/ properties) to their chosen heirs, asset owners can opt for either a will or a gift deed.
The executor's key responsibility is to gather details of all the assets that are mentioned in the estate, protect these assets and distribute them to beneficiaries as per the instructions in the Will
It is easy to draft a Will and it remains one of the most powerful tools when it comes to succession planning
An ethical Will is a special kind of legacy letter that aims to pass on guiding principles, memories, spiritual beliefs, and wishes for your family’s future
In 2018, the Supreme Court accepted the concept of Living Wills and held that the right to die with dignity is a fundamental right under the contours of the Indian constitution
Many of us hesitate in drafting a Will and making nominations. But the onset of Covid-19 has shown that life is uncertain. Inaugurating an initiative of the Association of Registered Investment Advisers (ARIA) to help stranded people cope with succession planning upon losing their loved ones to Covid-19, KV Kamath shared his views on the importance of timely planning your will. - He stressed upon the need to make nominations in our existing as well as new investments - Kamath also stressed upon the need to have standardisation of forms and processes required in succession planning Who is KV Kamath? KV Kamath was the former Managing Director and CEO of ICICI Bank and then its Chairman from 2009-15. He was also the Chairman of Infosys between 2011 and 2015. He came back to India last year from Shanghai where he served close to five years as the chief of the New Development Bank of BRICS countries.
A well-kept inventory of your financial assets helps in smooth succession planning. It also prevents leakage, later
It is important to keep a record of your finances and your key advisors around you. In case of any unfortunate eventuality, your assets can be passed on smoothly to loved ones
While a DIY approach may help save some costs, one should adopt this route only when one is sure that their situation is pretty straight forward and would not put the beneficiaries of the Will to any inconvenience
COVID-19 and its death trail have highlighted the importance of Will more than ever before. Partition of assets when a deceased has not left a Will behind, can be acrimonious
Writing a Will is an extremely important activity, and it is highly advisable to take proper guidance from an experienced professional