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WILL is one of the effective tools in Estate planning. The primary goal of Estate Planning is to ensure that your legacy passes to your intended beneficiaries. WILL is a legal declaration of a Testator's (person who is making the will) intention with respect to his property, which he desires to be carried into effect only after his death. Will can be revoked and altered by the testator during his lifetime. Effective only after death and revocability are two essential characteristics of a WILL. Hindus, Buddhists, Jains and Sikhs come under Hindu Succession Act, 1956.Christians dealt with Indian Succession Act, 1925. Paris has a different inheritance law. Muslims dealt with religious law, Sharia (Shias and Sunnis differs). WILL, can be handwritten, registered or unregistered. WILL can be revoked or altered at any time when you are competent. The latest will nullify previous WILL(s). Any modification in a registered WILL needs to be re-registered.

WILL ensure that your estate passes to your intended beneficiaries. It ensures all your assets are passed along with minimal hassle to your loved ones and your heirs. Many disputes and friction within your family and business can be resolved at the very outset if there is a clear disposition in a WILL. You can appoint in writing a testamentary guardian for minors. This is crucial for the future of your minor children. A WILL provides more room enter see the inheritance law, which sometimes does not consider to the needs and requirement of an unsettled child, family member's special needs, aged or otherwise. By WILL you can leave something to your friend/family/ well-wisher / Care Taker/ Trust etc.

Otherwise, they could not receive any benefit what- so- ever by the law of inheritance. A WILL could be challenged to assertion the authenticity and whether the WILL is the last WILL of the testator or not.

Legal Consequences of Dying Intestate:

When a person dies without having made a Will, he is said to have died intestate. If a person dies without making a will, his property will be inherited by his legal heirs according to the inheritance Laws applicable (Varies Based on Religion, Sex, Relationship hierarchy etc.). Hindu dying intestate devolves upon his heirs of Class I who take the property to the exclusion of all other heirs.Your intended beneficiaries and share (%) may be different.

What is this scheme?

The legal tender, character of the notes in denominations of Rs.500 and Rs.1000 stands withdrawn. In consequence thereof withdrawn old high denomination (OHD) notes cannot be used for transacting business or store of value for future usage. The OHD notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India or at any of the bank branches or at any Head Post Office or Sub-Post Office. Dying without a will could play havoc among family members and may be negative to your fortune/estate. Your estate will be dealt as per the law of inheritance. Your estate may go to the person(s) who deprived you, left you uncared as per the inheritance law. In the absence of a WILL unscrupulous persons or members might take advantage and abuse your estate. Simply put without a WILL, you can't exclude or include beneficiaries. Law of inheritance decides the economic fate of your family and loved ones (Intended Beneficiaries)

There are lots of ways and means to manage your estate: Make sure your legacy lives on with effective estate planning. If you have huge assets and complex business structure, you need an expert advisory.They can help you on the structure and management of your estate. It's a very important and wise thing to choose somebody (Individual/corporate) who is competent and ethical on money matters to be the trustee; and someone whom you will leave your kids now (and who can inculcate your values in your children) to be the guardian.

It's very important and wise thing to choose somebody (Individual/corporate) who is competent and ethical on money matters to be the trustee; and someone whom you will leave your kids now (and who can inculcate your values in your children) to be the guardian.