Estate Planning

Estate Planning refers to passing of assets to next generation.

Normally Nomination is should have solved the problem but as nominee is like a trusty & non necessarily a beneficiary.

Also Financial Assets & Real Assets have different implication of Nomination.

A will is proving to a better way of estate planning.

Will is supposed to be the best way of estate planning.

Terms often used in Will

Testator: The Person who makes the will.
Beneficiary: The person who inherits property under a will. There can be more than one beneficiary in the will.
Intestate: If a person dies without leaving a will, he is said to have dies ‘intestate’. The management of assets of the deceased is called intestate planning.
Codicil : This is a legal document used to append, alter or add to an existing will. Minor changes in the will can be made using a codicil.
Executor: The Legal representative of the testator. He ensures that the assets of the testator are distributed as per his will.
Probate: It’s an officially certified copy of will, or the legal process of proving the authenticity of a will and administering the estate of the deceased person by resolving all disputes and distributing the property.
Succession Certificate: The certificate issued by a court to legal heirs in the absence of will certifying the distribution of deceased’s estate.
Power of Attorney: A legal instrument that authorizes somebody to act on your behalf.
It is advisable to get doctor’s certificate stating sound mind of the person making will.

…You change your name or any beneficiary mentioned in the will changes his or her name.
…you sell any assets mentioned in the will or acquire new ones.
… there is a change in circumstances. For instance, if you want to exclude any beneficiary or include a new one in the will.
…a beneficiary mentioned in the will dies.

… the executor of the will dies or is rendered unfit due to old age or ill health.