Will is a legal binding agreement that states who will receive the property after the owner’s demise. With a Will, you would be assured on protecting and preserving your assets for the future benefit of your family and loved ones. It helps your beneficiaries with a hassle-free claiming process and at the same time ensures that your wealth is distributed in the right hands.
At LAWgicial Advisor, our professional legal experts, that have all the relevant experience and expertise in this field would assist you in drafting a Will.
The Family that has clear understanding /instructions/wishes of wealth owner about wealth type and whom to distribute, has no confusion/misunderstanding. Even financial institutions / banks/ property agencies have clear mandate to act for distribution. It reduces hassles for family.
In absence of a Will document, the overall wealth distribution goes according to the Succession Laws like Hindu Succession Act etc. to define who are the Legal Heirs and the distribution pattern by way of Succession Certificate form court. Such process takes 6 to 12 months and heavy legal expenses cost, for example in Maharashtra court fee is Rs. 75,000/= and similar amount for legal fees as minimum cost.
Many developed countries levy Inheritance Tax on wealth left behind. If NRI has wealth in local residence country as well as India, he/she can make a separate Will as per Indian laws for all India based assets that way Inheritance Tax on India based wealth can be saved.
For a business owner, the efforts to create the business and the hard-earned wealth shouldn’t go in vain. An appropriate successor for the business assures a smooth flow of wealth or else all the legal heirs could be claimant to the business which may give rise to a situation an unhealthy decision to the business. where survival of business becomes difficult.
Nowadays Wealth is becoming more powerful than Relations. In the event, where there is No-Will, family members are clueless about the deceased member’s wish, which indeed causes confusion / misunderstanding between legal heirs, son-in-law, daughter-in-law etc. resulting into disputes/fights and legalities resulting into debonding within family members due to wealth.
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