It’s a le­gal doc­u­ment that pro­tects in­ter­ests of fam­ily

Mint ST - - PERSONAL FINANCE -

If a per­son dies in­tes­tate (with­out a Will), her le­gal heirs are recog­nised as suc­ces­sors to her es­tate, as per re­spec­tive per­sonal laws. In the ab­sence of a Will, the es­tate may be passed on to a rel­a­tive whom the de­ceased did not wish to give any­thing. Lack of a Will also presents a dis­or­derly sit­u­a­tion where no one is aware of the de­ceased’s li­a­bil­i­ties, his fi­nan­cial in­ter­ests and/or his as­set pos­ses­sions. Key doc­u­ments and as­sets re­main un­traced many a times. Le­gal heirs of a de­ceased ac­count holder may re­main un­traced and de­posits may re­main idle in un­claimed ac­counts.

A Will is a le­gal in­stru- ment that pro­tects a fam­ily by record­ing the de­tails of as­sets owned by a per­son, its lo­ca­tion and the rel­e­vant doc­u­ments, and clearly states to whom the as­sets will be passed on. A Will re­sults in smooth trans­fer of as­sets to in­tended ben­e­fi­cia­ries and en­sures min­i­mal or no loss of as­sets.

RA­JESH NARAIN GUPTA

Manag­ing part­ner, SNG & Part­ners

The mak­ing of a Will also pro­tects the ben­e­fi­cia­ries and spells out the man­ner and ex­tent to which the as­sets will be trans­ferred to the par­ents, wife and chil­dren and any other per­son by the de­ceased. Will makes as­set trans­fer a smooth process from one gen­er­a­tion to an­other and is an in­stru­ment for as­set pro­tec­tion.

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