It is a common myth that only the wealthy want estate planning. In fact, the less wealth there is, the more important it is for the family to have access to it. Instead of getting embroiled in succession problems in the courts, one must ensure that his/her family inherits the properties he/she left behind. If he/she wants his/her survivors to cope with finances adequately following his/her death, he/she has to think accordingly, even if it means handling unresolved liabilities.
It’s never too early to start thinking about your land. The earlier the person expresses his/her wishes for his/her family and relatives, the less likely there will be differences after he/she passes away. The family will be financially secure if a crisis hits if they are prepared now for a well-thought-out estate scheme. He/she does not need a Will, but can begin by listing their properties, filling out nominating papers, and making sure that his wife/husband is a joint and co-owner of assets and liabilities.
One of the better arguments to launch your estate plan when you’re young is that you’ll have many options. You have the chance to begin setting the groundwork for your custom estate strategy, so you don’t have to be worried with getting distracted with a slew of choices. When you marry, have children, and continue to accumulate valuable assets, the foundation you’ve laid will act as a strong support.
Estate planning protects the following:
- Estate planning secures beneficiaries.
- Estate planning secures children.
- Estate planning eliminates family clashes.
Estate planning allow you to choose who will manage your accounts and belongings whether you become mentally incapacitated or die, which will go a long way toward preventing family discord and ensuring that your properties are managed as you expected.
The right time to write a will is as soon as you become a legal adult or meet either of the estate planning milestones mentioned above. Unfortunately, many citizens die without a valid Will. This leaves family members grieving and still being responsible for a multitude of actions they should not have considered. Will writing help keep this from happening by authorising you to name a healthcare proxy, name a power of attorney, and decide how the assets and resources will be spread.
One of the most important things you will do to support yourself, your family, and your future is to prepare your estate. Making a Will or naming a Guardian for your children will go a long way in ensuring that your wishes are carried out until you pass away. When one of the above-mentioned benchmarks approaches, it’s a smart time to start thinking about your choices.
Estate planning is ideal for owners who own many immovable assets and have a net worth of at least Rs. 25 crore. The exercise takes approximately two months to complete due to discussions, record analysis, suggestion arrangements, and final documents.
There are many estate planning services in India offering will writing. One such genuine and trusted estate planning and will executor provider is WillJini. It is a leading company providing succession services of will writing and settling dispute matters. WillJini provides innovative and unique online will writing services with no calls, emails or meetings. You just have to fill-up basic details and to get your legal will in an affordable, reliable and on-demand way. They have a team of experienced Will lawyers to draft your customized wills as per your specific requirements. Your details will be 100% confidential with them.
You’ll need an estate plan if you want your savings and loved ones to be covered when you’re no longer around to do so. Your beneficiaries may incur significant tax pressures if you don’t have one, and the courts may decide how your properties are divided—including who gets to raise your children.
