When do you think should an individual write a will? People do not write the 'Will' or plan to write the will after attaining the age of 50/60 years.
80% people depart for heavenly abode without writing their will resulting in various avoidable complications hardship for their successors, few of which are narrated here below:
1. Distribution of assets: In absence of Will, the assets cannot be distributed as per the choice of individual as it governs by the provisions of Personal Law/ Indian Succession Act/Hindu Succession Act/ Muslim Personal Law.
2. Exhaustive legal process: Obtaining the Succession Certificate/ Execution of Will consume the time from 6 to 12 months.
3. Expensive: Apart from the time, there is expenses incurred for legal process viz. 8 to 10% Court Fee, advocate fee and other incidental expenses.
4. Disruption in family: In absence of specific Will, there is instances sourness amongst the family members.
5. Deprivation from assets: Sometimes the successor is not aware with the details/ whereabouts of the assets and deprived from his right.
6. Tax planning: In absence of Will the beneficiary cannot plan out their Tax liability or may not avail the tax concessions available to them.
Most of the individuals do not opt for making the Will just because they do not possess many assets or under the impression that they have already made the nomination. No doubt the nomination is a great help to successors but the Nominee can hold the assets only in the capacity of trustee. In such a case the nominee has to pass the assets to its successors.
And so it will be prudent to write the Will in addition to nomination.You have all the rights and privileges over your assets during your life time even after you have written your Will. In other words the contents of will are effective only after your death and your assets are safe during your life time.
You can write your Will, provided you have attained the age of 18 and mentally sound in the eyes of Law.
Source: http://www.moneycontrol.com/news
Follow us: www.facebook.com/karvywealth
80% people depart for heavenly abode without writing their will resulting in various avoidable complications hardship for their successors, few of which are narrated here below:
1. Distribution of assets: In absence of Will, the assets cannot be distributed as per the choice of individual as it governs by the provisions of Personal Law/ Indian Succession Act/Hindu Succession Act/ Muslim Personal Law.
2. Exhaustive legal process: Obtaining the Succession Certificate/ Execution of Will consume the time from 6 to 12 months.
3. Expensive: Apart from the time, there is expenses incurred for legal process viz. 8 to 10% Court Fee, advocate fee and other incidental expenses.
4. Disruption in family: In absence of specific Will, there is instances sourness amongst the family members.
5. Deprivation from assets: Sometimes the successor is not aware with the details/ whereabouts of the assets and deprived from his right.
6. Tax planning: In absence of Will the beneficiary cannot plan out their Tax liability or may not avail the tax concessions available to them.
Most of the individuals do not opt for making the Will just because they do not possess many assets or under the impression that they have already made the nomination. No doubt the nomination is a great help to successors but the Nominee can hold the assets only in the capacity of trustee. In such a case the nominee has to pass the assets to its successors.
And so it will be prudent to write the Will in addition to nomination.You have all the rights and privileges over your assets during your life time even after you have written your Will. In other words the contents of will are effective only after your death and your assets are safe during your life time.
You can write your Will, provided you have attained the age of 18 and mentally sound in the eyes of Law.
Source: http://www.moneycontrol.com/news
Follow us: www.facebook.com/karvywealth
No comments:
Post a Comment