If we can live in our children and young generation then our death is not the end…“is a famous quote from Albert Einstein. So, this is one reason why succession planning is essential. It ensures that after your death your assets are distributed according to your wishes. Yet, despite proper planning However, disputes can still arise between your heirs, especially if the property thus distributed does not meet their expectations. Here’s what you can do to avoid such disputes:
An overarching wish: Succession planning or legacy planning is a process by which you can pass on your property, assets and other assets to the next generation. A will is a legal document that summarizes your choices of distribution of your assets and property after your death, by appointing beneficiaries and guardians of minor children, as the case may be. Therefore, leave behind a clear and detailed testament, or testament, that outlines your decisions.
Proper Communication: When you are still alive it is absolutely vital to discuss your will with your heirs and explain your reasoning behind all your decisions. This is important to avoid any misunderstandings after your demise.
Vikas Soni, Supreme Court Advocate and Senior Consultant, MV Kini & Co. Advocates & Solicitors, says, “The property should be distributed equally among all the shareholders with complete fairness, lest it create enmity and disharmony in the family Yes. The contents of the will should be discussed with the beneficiaries. The will should be written only when everyone agrees to the sharing and division.”
Don’t miss the chance: Make sure all of your assets are fully documented and accounted for, and be sure to update your will regularly to reflect any changes. Soni says, “You should consider all the major events of life like birth, death, marriage and divorce. These should be reflected in the will. In the absence of a will, the estate is governed and disposed of by the laws of the State.”
Executor: After your death, it will be the responsibility of the executor you have chosen so far to execute the will. Therefore, it is essential to choose someone honest, trustworthy and capable to be the executor.
Bharat Pathak, director, Scripbox, says, “The executor appointed must be a reliable and trustworthy person, who has the necessary knowledge and skills to look after the estate.”
Professional advice: Consider using a professional will-writing service to make sure that your will is legally correct and that your intentions are clear. Phatak said, “Consult a financial advisor or an attorney to prepare a comprehensive succession plan. They can provide valuable guidance on structuring your estate and ensuring your wishes are met after your death. ”
All of these measures can help reduce the risk of disputes among your heirs.
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