alexa
Indianmoney.com Missed Call Number

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!

Estate Planning

Make sure your money reaches your loved ones with estate planning.
Just Leave a Missed Call on 022 6181 6111,
Our Money Doctor will reach you shortly !

Get the best advice on
Estate Planning

I have read and I agree to the Privacy Policy
 
Estate Planning

Learn to Save, Spend, Invest & Borrow Wisely with our Youtube Channel

Rate us
4.4 / 5 based on 136 User Reviews

What is estate planning?

An estate plan is the process of planning for the orderly administration and disposition of property after the owner dies.

Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you own. It can include cash, clothes, jewelry, cars, houses, land, retirement, savings accounts and so on.

Estate planning India includes making a will, setting up a trust or making a nomination and even life insurance. Estate planning services in India have gone to a new level Video taping of wills, making of trusts and even a probate (Will certified in a court) is the new way.

Online estate planning such as making of an online will as well as transfer of digital assets and even email accounts is an important business

Why Estate Planning

Pass on your wealth

You are able to pass on your wealth and assets to your loved ones and heirs, in a hassle free manner. This helps to avoid family disputes and fights.

Care for your loved ones

If you have a handicapped child, you can provide money for future needs. A guardian would require money, as this child has special needs.

No Court Battles

You have the family settlement where property and assets are divided in an amiable manner. A probate might prevent those lengthy court battles.

Digital Settlement

In the digital age the benefits of e-insurance and demat accounts are passed to your heirs. Video taping of a will ushers a new era in estate planning.

Key factors to consider for Estate Planning

Why is estate planning necessary?

In the absence of a will, the distribution of the estate is governed as per laws of the nation. If you are a Hindu it is as per Hindu Succession Act 1956. For Christians, Jews and Parsis it is as per the Indian Succession act 1925. If you are a Muslim your property will be divided according to Muslim Personal Law.

This means that your loved ones might be left out of the disposition of the property, and in the worst situation when there is nobody to claim it, the Government becomes the owner of the property. Therefore estate planning is very much required as this is ultimately planning for your own assets with the future perspective in mind.

What are the methods of estate planning?

Will: In a will you state how you would like to distribute your assets (land, property, gold, cars) after death. Who should get how much? This is basically what a will is all about.

You need an executor (someone you trust) to execute the will on your behalf (Make sure that your wish is honored as you are not around to do the job yourself).

Trust: A trust is used to transfer wealth to your heirs (children).These trusts have to be compulsorily created/registered and Governed under the Indian Trusts Act 1882.

In a trust you (Settlor) can transfer your movable property such as a car as well as immovable property such as property or land to the trustee (person who holds the property on behalf of your beneficiary/children).

The trustee is the executor (manager of the assets) on behalf of your beneficiary and ensures that your wealth reaches the beneficiary irrespective of what happens to you.

You can transfer shares/mutual funds, fixed deposits, cars, land, apartments/house, gold, art as well as antiques to the trust.

Nomination: If you have a fixed deposit, shares or mutual funds you need to make a nomination, where you state who will get the money lying in these accounts on your death. The person you appoint is the nominee. The nominee (basically someone you trust) transfers your wealth/investments to your heirs (Children).The nominee is not the owner/inheritor of your wealth. He is a protector/trustee of your wealth and makes sure your beneficiaries (heirs) receive the money. Nomination is done mainly for shares/mutual funds, life insurance policies or land and property.

When you die after making a will your beneficiaries/heirs inherit your property/wealth. The nominee you appoint (could be your nephew or a lawyer), serves as a trustee and makes sure your wealth reaches your heir. A nominee is not permanent and you can change your nominees any number of times. You can appoint your heirs (children) as nominees. If your child is a minor and you appoint him as a nominee you need to appoint an assignee who serves as a guardian.

Whole Life insurance: If you want to leave a huge legacy for a disabled child you must take up a whole life insurance policy where on the policyholder's death, the disabled child (beneficiary) gets the sum assured as well as the accrued bonus.

If you have a genetic disorder which has a high chance of being passed on to your child then you can opt for a whole life policy where death benefits and an accrued bonus mean a large sum at maturity.

 

Concepts & FAQ's Estate Planning

What is Estate Planning?

An estate plan is the process of planning for the orderly administration and disposition of property after the owner dies.

An estate plan can be as simple as having a will and naming a beneficiary, or as complicated as having several trusts for different purposes in addition to the will. Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you own. It can include cash, clothes, jewelry, cars, houses, land, retirement, investment and savings accounts, etc.

After one's demise if he has no estate plan that includes a will, he/she is considered to have died in estate, and the state where he/she live will determine who gets your asset as determined under the state's inheritance laws. This means that one's loved one's might be left out at disposition of the property, and in the worst situation when there is no body to claim it then government becomes the owner of the same. Therefore estate planning is very much required as this is ultimately planning for one's own assets with the future perspective.

Objectives and goals of Estate Planning

  • Making sure most of the estate is transferred to your beneficiaries

  • Paying the least amount of taxes on your estate

  • Assigning guardians for minor children, if any

  • Helping to reduce or avoid conflict among family members.

  • Ensuring that his/her children have the legal guardian of their choice.

Thinking of buying a Estate Planning ?

To be absolutely sure of WHAT TO LOOK OUT, talk to IndianMoney.com on the phone for FREE financial consultation.

Expert Financial Advisors from IndianMoney.com would provide you unbiased, correct and up to date information so that you can make an informed financial decision.

Frequently Asked Questions

What is Estate?

Estate refers to everything you own. This includes all your possessions, your investments, businesses and of course any property you own.

What does a proper estate plan include?

An adequate Will or Trust; .A written agreement concerning the status of your .A directive to your physician or a Durable Power of Attorney; .Final instructions of your preference.

Is it necessary to review my Estate Plan?

Estate plan should not be considered permanent because your desire may change. Estate plans should be reviewed at least every two-three years but, additionally, any important change in your life demands immediate review.

  • Birth, death, marriage, divorce

  • Large increase or decrease in the net worth of you or a beneficiary.

  • Purchase or sale of a business.

  • Change of residence to another state.

  • Change in tax law.

In case I don't have a will or a trust, what will be the possible consequence?

If you do not have a Will or a Trust, and have not used other probate-avoiding techniques, upon your death, your assets will pass according to the laws of the state to those whom you might not desire to share your wealth.

What is a Power of Attorney?

A Power of Attorney allows you to delegate your right to manage, invest, and spend assets held in your individual name to someone else, called your "attorney in fact." Want to know more as to what needs to be considered to make a perfect estate plan, call us on 080 67974000 and speak to our experts!

How estate taxes are paid?

Estate taxes are due and payable nine months after your date of death, and the IRS or state revenue department won't accept a piece of real estate, diamond ring, or stock in your business for payment. You're Personal Representative or Administrative Trustee will thus face the challenge of determining where the cash will come from to pay the taxes.

Can one choose beneficiaries of his wealth/estate?

There is a legal obligation in some countries known as 'forced heir ship'. This means certain people (close family and dependants in certain countries) will have a legal claim to your estate, irrelevant whether they are included in your will or not. For some it might be the correct choice to remove this option by setting up an offshore trust in order to allow named beneficiaries on all or part of your estate. To know more about Estate Planning, call us on 080 67974000

What happens if I die without an estate plan?

If you die without a good estate plan, you're leaving everything to chance. Simply put, you won't have any idea what will happen to your loved ones in the event of your death or disability.

Who can create a power of attorney?

Generally, any individual can create a power of attorney if over 18 years of age, a resident of the state in which it is created, and legally competent. This, however, varies from state to state.

What exactly is probate?

The term "probate" means the process of legally establishing the validity of a Will.

 

Estate Planning Articles

There is no Shortcut to become RICH, But here is a SECRET.Download the IndianMoney App and Be Wise & Get Rich

Google Play
Read Article

The Importance of the Value Proposition - Now More Than Ever

19 June 2009, Friday    

In untroubled economic times, developing relevant products and services for customers is certainly a necessity – customers of financial services firms have many choices and are often quick to jump to the next best offer. But when the economic environment gets more difficult for banks and the ....

Gurgaon Property Rates Survey Report

03 July 2009, Friday    

About Gurgaon Gurgaon is the sixth largest city in the Indian state of Haryana. Gurgaon is a megacity, as well as the industrial and financial center of Haryana. Gurgaon is one of Delhi's four major satellite cities and is part of the National Capital Region (NCR) of India. It is the south ....

What Is Will?

20 July 2009, Monday    

A Will is a legal declaration of a person’s intention which he desires to be performed after his death. A person who makes a will is said to have died in testate, if not it is intestate. In other words we can tell that a testator is the one who has made a legally valid will before death.T ....

LOAD MORE
 

Estate Planning Videos

There is no Shortcut to become RICH, But here is a SECRET.Download the IndianMoney App and Be Wise & Get Rich

Google Play
 

Learn to Save, Spend, Invest & Borrow Wisely with our Youtube Channel

Home Videos
Real Estate Business in Telugu - Real Estate బిజినెస్ ద్వారా డబ్బులు సంపాదించడం ఎలా ? | EP : 59

Real Estate Business in Telugu - Real Estate బిజినెస్ ద్వారా డబ్బులు సంపాదించడం ఎలా ? | EP : 59

1 Year Ago

Real Estate బిజినెస్ ద్వారా డబ్బులు సంపాదించడం ఎలా ? Real Estate Business in Telugu For Personal Loan, Education Loan, Business Loan, Home Loan, Credit Card, Insurance, Mutual Funds, Property and Tax Advice, JUST LEAVE A MISSED CALL ON IndianMoney.com Financial Education helpline no - #02261816111    To Learn Money Everyday, Subscribe to our YouTube Channel -  http://bit.ly/2gjv2mu and hit the bell icon to receive regular notifications.  For Personal Loan, Education Loan, Business Loan, Home Loan, Credit Card, Insurance, Mutual Funds, Property and Tax Advice, JUST LEAVE A MISSED CALL ON IndianMoney.com Financial Education helpline no - #02261816111
How to Invest in Real Estate? | Money Doctor Show | CNN News18 | Ep : 47

How to Invest in Real Estate? | Money Doctor Show | CNN News18 | Ep : 47

1 Year Ago

What is Real Estate? How to Invest in Real Estate? For Personal Loan, Education Loan, Business Loan, Home Loan, Credit Card, Insurance, Mutual Funds, Property and Tax Advice, JUST LEAVE A MISSED CALL ON IndianMoney.com Financial Education helpline no - #02261816111   To Learn Money Everyday, Subscribe to our YouTube Channel -  http://bit.ly/2gjv2mu and hit the bell icon to receive regular notifications.  For Personal Loan, Education Loan, Business Loan, Home Loan, Credit Card, Insurance, Mutual Funds, Property and Tax Advice, JUST LEAVE A MISSED CALL ON IndianMoney.com Financial Education helpline no - #02261816111
Estate Planning & Will Writing in India-వీలునామా ఎలా రాయాలి? ముందే రాయడం వల్ల కలిగే లాభాలు ఇవే|EP:56

Estate Planning & Will Writing in India-వీలునామా ఎలా రాయాలి? ముందే రాయడం వల్ల కలిగే లాభాలు ఇవే|EP:56

1 Year Ago

ఎస్టేట్ ప్లానింగ్ మరియు విల్ రైటింగ్ అంటే ఏమిటి ? Estate Planning in Telugu వీలునామా ఎలా రాయాలి ? ముందే రాయడం వల్ల కలిగే లాభాలు ఇవే! For Personal Loan, Education Loan, Business Loan, Home Loan, Credit Card, Insurance, Mutual Funds, Property and Tax Advice, JUST LEAVE A MISSED CALL ON IndianMoney.com Financial Education helpline no - #02261816111   To Learn Money Everyday, Subscribe to our YouTube Channel -  http://bit.ly/2gjv2mu and hit the bell icon to receive regular notifications.  For Personal Loan, Education Loan, Business Loan, Home Loan, Credit Card, Insurance, Mutual Funds, Property and Tax Advice, JUST LEAVE A MISSED CALL ON IndianMoney.com Financial Education helpline no - #02261816111

 

Calculator

There is no Shortcut to become RICH, But here is a SECRET.Download the IndianMoney App and Be Wise & Get Rich

Google Play

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!
CIBIL Meter
Attention!

This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.