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Your estate is the collection of everything you own — money, property, and other personal belongings. No matter how much you own, those things will need to go somewhere after you pass away. That’s where estate planning comes in.

Importantly, an estate plan also describes the kind of care you want should you become incapacitated (unable to care for yourself), and who will handle your affairs if you can’t. This is an important thing to plan for no matter how much money you have.

Who needs an estate plan
Everyone should have an estate plan. If you own anything of value, you will need a plan for how to pass it on.

4 Common Estate Planning Myths

Myth 1: I’m young so I don’t need to worry about it
Even someone who’s 30 will probably have multiple bank accounts, a retirement account, debts, and personal property that needs to go somewhere should they die.

Myth 2: I don’t need a plan since my spouse just gets everything
Even if you’re married, you and your spouse should each have a plan.
There are also unique situations: what if your spouse dies before you or soon after you? Things could get messy if neither of you has a written plan. At the very least, a clear plan will reduce the number of decisions your spouse and loved ones have to make while they’re grieving.

Myth 3: My family will know what to do
While we like to think that our family and friends will follow our wishes after we pass away, it’s hard to guarantee that without a legal document instructing them on what to do.

Myth 4: Once I create a plan, I’m done
Regularly check your list of beneficiaries and make sure that all your documents still reflect your current wishes.

For legal consultation / advice /discussion, you can get in touch with our team at Proceed legal Contact # 8810522553, Email – [email protected]

Legal

Power of Will : Succession planning and the Indian Woman

There is no denying the fact that traditionally, in India, succession planning is looked upon as a fiefdom of males. There are still communities and regions where it is given that the assets would be bequeathed only to the male heirs. A woman does not get anything and hence never thinks about making a will or do her own share of succession planning.


Did you know that a Supreme Court judgement in 2020 clarified that women have an equal right in the assets of their father’s and husband’s Hindu Undivided Family (HUF)?

For More Details, you can get in touch with our team at Proceed legal
Contact # 8810522553, Email – [email protected]



Read more at:

https://economictimes.indiatimes.com/markets/bonds/will-power-succession-planning-and-the-indian-woman/articleshow/82876449.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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What and Why of Will :

(2) A Will Prevents Intestate Succession

When a Person dies without a Will or other estate plan, state laws known as "intestate succession laws" decide which family members will inherit the estate and in what proportion. In most states, the laws specify that the spouse and children take priority.

Most people want to distribute their property differently than the state would distribute it. For example, many people want to leave gifts to friends, neighbors, non-spouse partners, schools, and charitable organizations—and intestate succession does not allow for any of that.

If you want other people or organizations to inherit your property, or if you want to decide the proportions of your gifts, a Will can make sure your wishes are followed.

For More Details, you can get in touch with our team at Proceed Legal Contact # 8810522553 or [email protected]

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