Importance of Estate Planning

A Will is a legal declaration of the intention of a person (testator) with respect to his own property / asset / possession / wealth which he desires to be distributed after his death. A Will ensures that the person can bequeath wealth to his successors as per his wishes

The personal law will come into play only for assets that are not specifically mentioned in the Will. While the Will is made when a person is alive, it comes into effect on his death. It is viewed as the last declaration of the deceased person. Intestate death can be prevented through timely Estate Planning.

We need to make a Will to get the following benefits:

• Smooth transmissions of the Estate to the intended beneficiary
• An efficient way of tax planning
• Avoiding disputes/conflicts after the death
• Will escape prolonged Legal battles
• Minimizing court procedure/litigation costs
• Avoid delay in the distribution of assets & resolution of the estate

There are certain checkpoints to ensure proper & effective Will

• Make a will at a young age – it is advisable to get a medical certificate – testator is of sound mind.
• If changes required, can be done by a supplement called Codicil.
• Will need to be signed by a Testator in presence of at least two witnesses.
• The will needs to be dated. 
• If one has made multiple wills then one of the latest dates would be considered. It is advisable one prepares a letter nullifying unwanted wills & hence no scope of confusion or duplication.

A simple Will can be prepared with just 10K-15K and one should always take the help of a legal advocate who is a pioneer in making the estate planning rather than you do it your own. This can save a lot of the amount, time, energy of your successor in the future, for sure!