Not making a Will is a biggest blunder of a death person - Don't lead your children's in a long legal battle without making a will - How to write a will - 9840802218

Not having a will THIS IS PROBABLY THE biggest mistake when it comes to estate planning. Nobody quite believes they are going to die or that they need to make a will yet, no matter what their age. However, this is one step that needs to be taken as soon as you hit your 50s, or earlier if you have multiple assets and properties, especially if you anticipate trouble over your inheritance. “My father was only 55 when he died of a heart attack and he didn’t leave a will. Since he had failed to appoint a nominee for any of the bank accounts, investments or properties, we had to spend a large amount of time and money fighting for our own money,” says 23-year-old Vignesh from Chennai. The family ended up spending nearly two years and Rs 16 lakh to claim their property due to the absence of a will and nominations. More time and higher expenses: The legal heirs will typically have to spend large sums to acquire mandatory documents like a succession certificate or letter of administration in order to transfer titles, cash, investments, assets or properties, not to mention paying the prohibitive lawyers’ fees. A succession certificate is required in the case of a movable property by applying to the high court or magistrate. The letter of administration is needed in the case of an immovable property and is also issued by the court. While having nominees helps with the immediate transfer of cash and certain movable assets, you still need the legal documents because, technically, a nominee is only a caretaker of assets and will eventually have to pass on these to the legal heirs. Undesirable distribution of assets: A will enables you to decide which asset you want to give to which heir, in what proportion and, without one, you have no power over who inherits your assets. “If there is no will, your financial plan will be of no use,” says K.P.Satish Kumar, leading Probate Advocate and Property Lawyer in Chennai. “Suppose you wanted your minor daughter to have Rs 1 crore for higher studies. Not leaving a will means this amount may be distributed among, say, five legal heirs, and she will end up with only Rs 20 lakh,” he says. Adds Bobby Portia Alex, Advocate, Madras High Court: “The whole purpose of making a will is that you want to interfere with the normal line of succession.” Without a will, the court will follow the provisions of the succession law because it doesn’t know how you wanted to distribute your assets. Succession laws enforced: Without a will, the assets will be distributed as per the provisions of the Succession Act as per your religion. For instance, Hindus, Buddhists, Jains and Sikhs are governed by the Hindu Succession Act, 1956, and Hindu Succession (Amendment) Act 2005. Do you need to go through probate if there is a Will? • Can you avoid probate by having a Will ? • How do I apply if there is no Will ? • How to apply for a probate ? For Legal queries Daniel & Daniel Attorneys & Solicitors 2132, Vasantham Colony, Annanagar-West, Chennai-600040 Phone: 9840787702 email: advocatechennai@gmail.com