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Life is unpredictable, and having a will in place ensures your loved ones are taken care of in the event of unforeseen circumstances. This article discusses the different ways of writing a will, the consequences of not having one, and the importance of proper estate planning for the well-being of your family. Avoid legal hassles, delays, and unclaimed assets by securing your legacy with a will.
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Presentation Transcript
Different ways of Writing your Will Joint Will Family Trust Concurrent Will (NRIs) Customize Will Online Will
Life is unpredictable While products come with a Date of Expiry , we humans unfortunately don t come with any and are always in for a surprise. Instead of worrying about the D-day, one can always plan better for the future of the family.
Think about it How many Demats / FDs / MFs / Properties / Gold do you and your spouse own? 1 Does your family have 100% knowledge about all of them? 2 If you were to suddenly vanish from this earth tomorrow, how would your family manage the sudden change? 3 Would they be grieving you OR would they be stuck in a treasure hunt of your assets, internal confusion on inheritance or worst case - fights? 4 5 You have bought an insurance policy at young age for yourself keeping in mind any unfortunate event. Why not a Will then?
Journey of Life No Will in place Legal hassles, delays and mental trauma Education, Career, Savings, Investments ? Will written Majority of your Life Planning your Succession Peace, bonding & love stays intact in family
Why are people not writing a Will? Lack of intent I will do it after retirement I am fit and fine. Do you think I m going to die? Time / Money Misconceptions My lawyer is charging me a lot I have added nominees for all my since he knows about my assets. Why write a Will then? wealth. Registration / Notary is compulsory and requires I don t have the time for it right multiple court visits now. This seems like an elaborate process.
Unclaimed Assets with Govt. of India 5,00,000cr worth of unclaimed assets are lying idle with the govt 50,17 8 38,28 3 Majority of it arising from the absence of a Legal Will 23,45 5 21,57 0 18,90 0 Family members of the deceased individuals have no knowledge of these assets Writing a will ensures one s life savings don t sit idle in a government account 4.748 4.5 4.256 2.386 1.999 Unclaimed dividends Market value of unclaimed securities
What is a Will? Legal Document in writing, signed in presence of 2 witnesses Document Personal Details Contains details about self, spouse, parents, children Contains information of your wealth, assets and properties (value of assets need not be written) Assets Details Distribution Wishes Distribution wishes of the individual are mentioned in clear cut format
Myth 1 1. Nomination is partial succession. A nominee is just a caretaker of the assets and is duty-bound to transfer the property/bank accounts, etc to the legal heirs. A Will is not required if Nomination/Joint Ownership of assets is done 2. When assets are in Joint Ownership, in case of demise of one owner, the ownership does not automatically get transferred 100% to the other holder. The 50% share is equally distributed amongst all of his / her legal heirs.
Myth 2 - In case a person has not written a Will and unfortunately passes away, the assets are distributed as per the religious laws applicable to the family. If a Will is not made, all assets will automatically go to the spouse - For eg: In case of a Hindu male, The Hindu Succession Law applies, where all the assets are distributed equally amongst the wife, mother and all the kids. - Similarly, different laws apply for Christians, Sikhs, Parsis, Muslims, etc. Hence its always good to write a Will in case there are specific wishes of distribution
Myth 3 Registration of a Will is not mandatory. A Will simply signed by two witnesses is a Legal Will. Registration of the Will is compulsory However, when somebody registers a Will - they visit the registration office physically (along with the 2 witnesses) and register their Will in the presence of the Sub-Registrar (govt. official). By this practise, the govt. basically becomes the third witness of the Will and the chances of challenging the authenticity of the Will by the family members / relatives in the future is minimized. Hence, while registration is not mandatory, it is recommended
Online Will STE P01 STE P02 STE P03 STE P04 Choose the assets that you own Input family and assets details Print your Will and sign with 2 witnesses Register and make the payment 30mins
Who should create a Family Trust When the wishes are to provide for specific needs of the family - education, marriage, travel, etc When parents have kids with special needs When kids are minor and parents have undergone a divorce / facing uncertain future When the asset-class is diverse and complicated In cases of Business Succession To prevent any claim on assets from creditors When a large sum of money is to be put for charity Investment by NRIs in Indian Assets - - - - - - - -
Pricing (End-to-end : Awareness, Succession Planning, Drafting, Custodianship, Executorship and Litigation) Basic Will (Online) Detailed Will (Online) Customised Will 2,999 15mins 4,999 30mins 9,999 3-5 days For simple drafting Asset details not asked All assets detailed out Easier for family to locate assets Complicated wishes/family For non tech savvy users Joint Will Family Trust Other Services 14,999 3-5 days 24,999 onwards 15-20 days 10,000 onwards Probate / Succ. Certificate Consultancy / Custodianship Executorship / Registration Special product for couples Dedicated lawyer support Large business / asset class NRIs / Complex Family cases
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