Succession planning is not taken seriously in India A will is a simple, precise declaration by an individual about his/her wealth allocation after he/she dies to avoid claims and litigations. Any person who is not a minor and is of sound mind can make a will of any possession, whether movable or immovable. Will making is important to avoid disputes in wealth distribution among family members. It helps in smooth transition of their wealth. If a person dies without making a will, the wealth gets distributed as per the prevailing succession law. Preparing a will Will making is not as complicated as it sounds. It is always advisable to have a handwritten will, as it can be verified in case of any dispute. Registration of will is not compulsory; however, financial advisors advice to get a will registered in order to authenticate the will. Registering a will gives it a legal status as it implies that the person writing the will and the witnesses have appeared before the registering officer who has verified their identity and attested the same. The witnesses should be third party. Changing a will A will can be changed or cancelled anytime. However, making any changes or cancellation to the will after it has been registered can be tedious and time consuming. Fee There is no standard charge for will making. Cafemutual spoke to few financial advisors and found out that advisors can charge anywhere between Rs.4,000 and Rs.15,000 depending on the client’s portfolio. Succession planning creates a roadmap which ensures that the family members are fully taken care of, if something happens to the client. Succession planning adds lot of value to clients while opening up a new revenue stream for advisors.
Posted on: Thu, 04 Sep 2014 09:35:46 +0000
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