Do you know?

Most of the assets are without nominations & eligible Indians do not have a Will. Thus, there is an urgent need to write a Will. If not, the law will decide who will be your heirs / trustee / guardian, NOT YOU! Assets may become FROZEN AND UNCLAIMED under the Law. Why leave it to the law when you can decide in a Will?

A nominee is the trustee of the assets, to whom the bank, mutual fund company, insurance company, and so on will transfer the funds in case of an unfortunate demise of the holder of the assets. But this does not mean that the nominee will always be the owner of the assets. The owner of the assets will be the legal heir as per a Will, or if one has died intestate (i.e. in the absence of a Will), the transmission would be as per the country's succession laws / Court Judgment.

There is an estimated Rs.64000 crore worth unclaimed accounts in banks, mutual fund, insurance companies, post offices, provident fund accounts left by people who passed away without passing information of these funds to their legal heirs. If people start writing “Wills” this can be avoided.

Just about everyone can benefit from the development of an estate plan. Young or Old, Wealthy or Middle Class, an estate plan can reduce the taxes and expenses of an estate, simplify and speed the transfer of assets to the next generation and help ensure that beneficiaries are protected.

In India where the majority of businesses today are family-run but most Indian businesses families do not have succession plans in place for personal and/or business wealth. Effective estate and wealth planning ensures that families retain control over their businesses and a smooth transition of leadership of businesses between generations of families. Effective planning of the wealth of individuals can prevent long and expensive legal disputes between heirs based in multiple jurisdictions.