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Wills and Estate Planning

Sinhasi Consultants Pvt Ltd , along with our associates, Crestlaw and Partners, Advocates & Solicitors, Bangalore, provide the important service of Will and Estate Planning.

Here is a quote from Benjamin Franklin:

“In this world nothing can be said to be certain, except death and taxes.”

Yes, we all have “to go” one day but nobody actually prepares for it! Being in the personal finance space we do financial planning for our clients keeping average life expectancy of 85 years. Of course we always wish our dear ones a healthy, happy and fulfilling long life. However, the bitter truth is that nobody knows when the time “to go” will come. So keeping all emotions aside, it is best to be practical and prudent when it comes to your assets and investments after you. This is only to ensure that all the efforts you have put to earn your money and investments over the years of service go into the right hands after you.

So we are here again emphasizing the importance of Will and Estate Planning. What is this all about?

Estate planning is a process of making proper arrangement for the protection, preservation and provision of a person’s total assets for the benefit of his or her family and loved ones via a Will. It is a legal declaration wherein this document comes into effect the moment its maker dies.

If you have already prepared a Will – Congratulations! If not, then the time to do so is NOW rather than later! A Will is a document you create to direct the management and distribution of your property and provide for the care of your minor children after your death. The importance of a Will cannot be overstated. It is arguably the most important legal document that a person will ever sign, and yet most adults fail to do so.

For example, if a person dies “intestate” (i.e to die without a Will), the laws of some religions, community or jurisdictions require distribution of the estate to the deceased’s spouse and/or children, next closest group of living relatives or to the government if there is no identifiable next-of-kin. As you can see, the risks associated with not doing an estate plan are many. But to name a few, the client’s property transfer wishes may go unfulfilled; fall in wrong hands, or not in a proper manner. Secondly, the transfer costs and taxes are can be expensive. Last but not the least, the hassles involved are many and probating a will is very time consuming .

And today, a Will surely assists in the easy transfer of property and assets to the legal inheritors.

So if not done already, we strongly suggest you to prepare a Will and assign a nominee for all past and future financial instruments. A small step can save a lot of trouble to your legal heirs / next-of-kin.

Here are few points to remember about Will:

* Any adult of sound mind can write a Will.
* Will written legibly or typed by you on a plain paper is as legally valid as one prepared by a lawyer as long as it is signed by you and attested by two witnesses.
* Assets can include physical property, jewellery, all financial investments, art and artifacts, digital property and even cash.
* You can make as many Wills you desire, it can be cancelled, revoked or varied to suit the maker’s circumstances but the last one will be considered as final one.
* In case you get divorced and remarry, a new Will is required to distribute your estate.
* There is no such thing as a joint Will, every person should have their own Will.

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