Wills an estate planning

LedgerPro’s estate planning services ensure your assets are protected and distributed according to your wishes. Our experts tailor plans to meet your specific needs, providing peace of mind for the future.

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Components Of Estate Planning

Will: A Will is a legal document that outlines how an individual’s assets and properties should be distributed after their death. It allows individuals to name specific beneficiaries, appoint an executor to carry out their wishes, and make provisions for minor children or dependents.

Family Trusts: Family Trusts are legal structures that hold and manage assets on behalf of beneficiaries by way of single or multiple trusts. They offer benefits such as asset protection, tax planning, and controlled distribution of wealth. Trusts can be revocable or irrevocable, and individuals can specify conditions for disbursements.

Power of attorney: A power of attorney is a legal document that grants authority to another person (the agent or attorney-in-fact) to make financial or legal decisions on behalf of the individual creating the document. It can be general or limited in scope, depending on the specific needs and preferences of the individual.

Succession planning: Succession planning is particularly relevant for business owners. It involves creating a plan for the smooth transfer of ownership and management of the business to the next generation or a chosen successor. This ensures the continuity of the business and minimizes disruptions during the transition.

When someone passes away, his or her property must somehow pass to another person or institution. A proper estate plan involves strategies to coordinate what would happen with your home, investments, businesses. life insurance. employee benefits, retirement assets and other property in the event of death or disability. Important. basic estate documents include revocable trusts, wills, financial powers of attorney, medical directives. living Wills and nominations in your financial assets including Bank Accounts, Fixed Deposits, Demat Accounts, Life Insurance Policies.

No. a beneficiary cannot be a Witness. A witness's spouse must also not be a beneficiary in the Will.

A Living Will is a declaration stating the persons wishes regarding the use of life prolonging medical treatments if he/she is not in a condition to communicate his/wishes to the family or medical practitioners. It does not dispose property nor is it operational after death like a Will. It must be noted that a living Will is not legally enforceable in India. It only provides guidance to your loved ones and near of kin by stating your wishes regarding the administration of medical treatment for crippling illnesses which lead to fear of an un-meaningful life prolonged through medication and treatment which can be painful, stressful and at times very expensive without desired outcome.

A Nominee will receive the benefits from a bank a/c, insurance policy etc on the owners death. However, the nominee does not become the rightful owner unless he is the legal heir. He receives the proceeds only in capacity as a trustee for the legal heirs. The only exception is in the case of the shares of a company where the rights of the nominee to the shares override the rights of the heirs to whom the assets have been passed on.

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