Tips to remember while drafting a will The right ways to go about for succession planning. Focus on having a balance sheet for individuals so that one could plan their will. A: While doing succession planning, most important thing is your clarity of thoughts. How do you want your assets to go onto the next generation? For that it is important to have your balance sheet ready. While from accounting perspective, it is always sensible to have one’s balance sheet; many people do not make it. First, make your balance sheet which will have a list of assets and liabilities. Once that is done, write down next to each asset, whom do you want it to go to. If you have more than one person who is going to own that asset then decide the share, if these assets are such which are not divisible. For example, valuation issue comes up in real estate. Lay down a formulae based on which it should be valued. Second, decide a benchmark. So, one could be saying that property of a similar kind or rate decided by the government or if there are any other such property deals that have happened. If that is not there, these issues turn into litigation. Also, ensure that the will has executor and there are witnesses. Unless these things are not there the, will remains incomplete and invariably it gets challenged. Recapping, clarity of thoughts, list of assets, who should get it, if assets are not clearly divisible then the ratio and the valuation how, it has to be decided.
Posted on: Fri, 27 Sep 2013 08:10:08 +0000
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