Key Highlights
- A Will encompasses all of a person’s assets and possessions, including real estate, cash balances, shares, and personal belongings.
- Writing a Will lets you specify how you want your assets to be distributed and can help avoid disputes among family members.
- The laws of succession come into play if a person does not write a Will, and the distribution of assets is determined by these laws. Nomination is insufficient to ensure the transfer of assets to the intended beneficiaries; a Will is necessary to protect your wishes legally.
riting a Will is an essential step in life that many individuals tend to overlook. Especially as we age, taking the time to create a Will ensures that your assets and possessions are distributed according to your wishes, providing peace of mind for both you and your family. In our recent webinar "Protecting Your Legacy" brought to you by Franklin Templeton, we discussed why writing a Will is crucial and provided a comprehensive Guide to getting started. Legal expert Nisha A. led the session and discussed the fundamental components and legalities of creating a Will, addressing common questions around taxation, avoiding family disputes, and adapting Wills for changing life stages or circumstances.
With years of experience counseling high-net-worth families on customized estate planning solutions in India and abroad, Nisha started her career at SNG & Partners, where she advised major banks and helped many plan seamless intergenerational transfer of wealth. Today she is director and senior management at Warmond. Over the years, she has also acquired abundant experience in estate planning for beneficiaries based in the US and the UK.
Highlights from Webinar:
💼 Writing a Will empowers you to determine the distribution of your assets after your death, providing peace of mind for you and your family. It sould be done at any age to protect your loved ones’ interests and ensure a secure legacy.
📜Without a Will, succession laws come into effect, and your money and wealth will be distributed to family members as determined by the law, which may not align with your intentions. For instance, under Hindu succession laws in India, if a Hindu male passes away without a Will, his assets are typically divided equally between his mother, spouse, and children. However, if you wish to distribute your assets differently, it is essential to write a Will to specify your preferences.
🧩 An estate includes all of a person’s belongings and assets, from real estate to cash balances, and even personal possessions like jewelry and artwork.
🖋️ Clear communication in the will about the distribution of assets and the appointment of an executor can help prevent disputes and ensure a smooth transition.
🔒Registering a Will is not mandatory, but it can provide additional security and ease of retrieval of the document.
📌 An ancestral property’s distribution can be complex and subject to legal considerations; consulting a property lawyer is advisable.
If you have any further questions or need assistance with Will writing, you can connect with us by filling the form here or by reaching out to our support team, and we will connect you with a legal professional or appropriate advisor. Remember, writing a Will is not just a legal requirement; it is a way to safeguard your loved ones and leave a lasting legacy.
This webinar is brought to you by Franklin Templeton. For more such classes on Will writing, finance and more, download our app from Google Playstore or connect with our team on WhatsApp.
