It's not about managing your money. It is about freeing you to earn more.
Want to give back to the society but don't know how?
It is important to manage it well to keep all in the family.
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India is on a dash of economic growth. With a 9% annual growth rate, India is predicted to join the elite group soon after surpassing Japan and many European countries. With one of the highest numbers of millionaires that get added to the existing list every year, legal complications surmounted by this wealth are becoming an increasing cause for concern. With everybody joining the race to becoming rich as soon as possible, a sudden need of legal implications has descended upon the financial world. The Indian mentality of saving for their children and generations to come, has made will creation all the more crucial.
What is a will?
A will is a legal declaration of one's wish regarding the distribution and management of one's possessions. These possessions can be house or other property, fixed deposits, artifacts, jewellery and other precious possessions. The one who gets his will made is called a testator. The ones who inherit the will are called the beneficiaries.
A will can be made by self or through a lawyer or banker. A will written by self is considered legal only if it abides by the state law. Very few banks provide the services of will creation. However, it is advisable to create one's will with the help of the banker as he is well aware of the testator's wealth portfolio and also well versed with efficient distribution of assets for optimum asset allocation benefits.
For a will to be recognized as a legal document, it should be signed by the testator in the presence of two witnesses. The name and signature of the two witnesses should also be attached to the will.
Why is a will necessary?
It is very important for a will to be well written. In case of failure to comply to any of the prerequisites of a will, the will may be considered void in legal terms. Thus one has to take care of a few do’s and don’ts which help the testator draw a well exhaustive document.
Do's of writing a will
Don'ts of writing a will
In case there is no will made, an individual’s property is managed by government administrators who execute the orders of the law. The government decides who the beneficiaries of the individual are and distribute the estate accordingly. Hence, it is important to chart out a will beforehand, assign an executor and save your family from the hassles of government distribution. So, go ahead, secure your loved ones and leave the execution on experts who have their best interest in the well-being of you and your dear ones.
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