A will is a legal document by which a person can express what should be done with their assets when they die. Very few people however prepare their will. When a person dies without a will, it can lead to disputes among family members regarding who will have claim to the assets. The true heirs may also have to spend time and money to claim the assets which are rightfully theirs. In such cases, the assets are passed on according to the succession laws of the religion to which the deceased person belongs.(more…)
When it comes to checking tasks off your financial to-do list, estate planning is probably the last item you’ll get to—if you get around to it at all.
We don’t necessarily blame you. After all, it can be morbid to think about preparing for death, and people often don’t know where to start, so they simply don’t get started.
Case in point: According to legal services site Rocket Lawyer, 64% of Americans don’t have a basic will.
But estate planning shouldn’t fall to the wayside. Because, although it’s nice to think that you can trust everyone to do the right thing, the truth is that if you don’t have your wishes formalized, there may be a debate over what the “right thing” actually is.
“It’s always difficult to predict which families will get along and which will end up in court fighting over mother’s heirloom china,” says Tim White, an attorney with Smith Haughey Rice & Roegge. “Leaving an estate plan with clear instructions is your best defense against family discord.”
Of course, there’s also no shortage of ways in which people can stumble when it comes to making their after-death arrangements. That’s why we rounded up some classic estate planning mistakes that people tend to make, so you’ll know what not to do when it comes to prepping your own estate plan. (more…)
E-Will, one of the recent fads in the financial market, where recently two big institutions have launched this service & many more are in the pipeline. I thought of writing this article on two aspects, does an individual really needs a will & more importantly how should one look at it, if it’s required?
Will, which is better known as “Vasiyat” or “Vasiyatnama” in Hindi, is no doubt an important legal document. Even though we all are governed by the succession law, as per the religion we follow, but importance of a Will is felt when there is a difference of opinion or understanding among the family members of the deceased.