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Leave a Will, spare family a lengthy, distressing process

Distribution of financial legacy creates more complex situations at the time of demise in family. A Will may reduce conflict, clearly laying out the person’s wishes who has passed away. A Will is a legal document saying what the person would like after his/her death. Any individual can make a Will himself by simply stating a list of financial and non financial assets and stating the beneficiary names. Of course, for more complex structure, you can appoint a lawyer / expert who will oversee the processes of distributing your assets in line with your wishes.

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Distribution of financial legacy creates more complex situations at the time of demise in family. A Will may reduce conflict, clearly laying out the person’s wishes who has passed away. A Will is a legal document saying what the person would like after his/her death. Any individual can make a Will himself by simply stating a list of financial and non financial assets and stating the beneficiary names. Of course, for more complex structure, you can appoint a lawyer / expert who will oversee the processes of distributing your assets in line with your wishes.

The assets you leave behind can hold both financial and sentimental value, and you may want specific items to be inherited by a specific family member or friend. Because a Will allows you to list individual people and assets, you can allocate an inheritance to children from previous relationships, as well as to friends and charities. When you make a Will, you have to adhere to legal requirements. Most Wills are formal documents that must be signed by the Will maker and two witnesses who won’t get anything from the Will.

Asset allocation may become a lengthy and distressing process for the family bereaving loss. And if you are separated or divorced, have children from previous relationships, the allocation of assets can become complicated. Some family members may be prioritised over others. To avoid such situations, it is advisable to probate a will, which is  a certificate from court on the “last and final Will of the deceased’.

Nominees should have PPF account, EPF account, mutual fund investments, insurance policies, post office saving account, demat account, property agreements, ancestral properties, etc.

The writer is head, Anand Rathi Preferred Services

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