Will
A nominee is not considered as a legal heir.
They only act as a custodian of the asset.
A surviving joint holder may not necessarily
be the legal heir
- 1) Will allows you to distribute assets as per your wishes
- Comes into effect after your lifetime
- Should be signed by testator and 2 witnesses
- Registration is optional
- 2) Will for assets in different countries
- Multijurisdictional Will
- Separate Situs Wills
How To Prepare A Will
The basic steps for preparing a will are:
- Firstly, collate the details of all the assets and liabilities,
- Understanding the specific laws of succession for each asset class,
- Decide which family member or person would inherit the assets after your demise,
- Choose the right executor who will administer the estate after your demise,
- Choose a guardian for minor children in case of the demise of both parents.
What are the challenges In Absence of A Will
In absence of a will, the intestacy rules will apply. Its means that the assets of an individual will get distributed amongst the legal heirs as per the applicable succession laws which are based on their religion. People do not prefer distributing their assets as per the religious laws and their wishes regarding distribution can be exercised by writing a Will.
Not having a Will may lead to family disputes and lengthy court battles. A Will which lists down all the assets comes as a rescue to the family members when they are trying to get access to these assets and saves them the hassle of digging into your accounts and files to gather information. Having a Will in place also reduces the paperwork tremendously during the execution of the estate of a deceased.
An effective succession plan in place provides one peace of mind and without procrastinating one should implement this with careful thought and consideration.