Three important aspects of estate planning

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Estate Planning is extremely important to secure & preserve a person’s assets & legacy for his loved ones. In this article we present to you theThree important aspects of estate planning three important aspects of estate planning.

Make a will

When you fail to make a will of Estate Planning, it leaves the family of the dead in dilemma when they have to decide the successive heir. If one dies without making a will then his/her legal heirs can file an application for a Succession Certificate. It is obtained from court which proves the relation of the heirs to the deceased. Most institutions require a Succession Certificate for distribution of assets.

When there is a will then it’s submitted for ‘Probate’ in the court which states its validation.

How to draft a will?

You can draft a will with or without a legal professional’s help. The following are the steps to make a legal will-

  • The person who makes the will must be above the majority age and sane
  • The person who signs the will must be witnessed by two legally abiding adults.
  • The will’s maker must be clear of the will’s contents which include how much he/she is willing to leave behind for the beneficiaries?
  • The will must be made while he/she is in fine health to prevent from emotional trauma.

Most of the wills are simple and include the details of the current assets & how to divide them between beneficiaries. However, there are special cases where people with the help of a legal expert claim for benefits for children from past marriage or a claim to disinherit a person from his/her legacy.

Types of will

  • A simple will is a type which a person can draft individually.
  • A joint will is a type where multiple people make a statement with regards to the division of their assets.
  • A conditional will is one where the execution of the will takes place only when a specified event occurs.
  • An oral will is not documented or written.
  • A living will is one which a person writes to direct his/her doctor to stop any treatment given only as a means of artificial support of life.

Hence, now you know the essential components of a will. There are many legal aspects associated with a will. Hence, it’s always advisable to take assistance from a skilled estate planning professional to help you draft a valid will.

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