Estate planning refers to intergenerational transfer of wealth. It would be greatly desired by every individual to leave behind his assets in the right hands. It is important to write a WILL and clearly mention the distribution of his wealth. After all you would want your loved ones to live in harmony without squabbling over the distribution of assets.
Please Remember:
- If you have nominated someone in a financial product, then its ownership does not automatically pass to Him / Her.
- Nominee is not a legal heir.
- Since you will not be around to ensure distribution, specify executor of WILL.
- Though, legally WILL does not require to be registered / notarised / on stamp paper, a registered WILL eliminates chances of litigation to a very great extent.
- You can change WILL at any time.