- TIMES LEADING ICONS 2021
- TIMES LEADING ICONS 2021
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Do you have Such Questions
Do you have Such Questions
What is Estate Planning
Why is it important
Commonly used tools in estate planning
Blog : Recent articles.
Estate planning is critical to ensure that your loved ones inherit only your wealth, and not a messy estate with legal complications and family disputes.
Estate planning is all about anticipating and arranging for the administration and disposition of one’s assets during one’s lifetime. While wills and trusts are the most commonly used tools of estate planning, there are several other tools one can use for the seamless transition of one’s assets to the next generation after one’s demise. This can go a long way in avoiding potential conflict and uncertainty.
The concept of family has evolved over time. Today, we have concept of blended family where spouses have children from their earlier marriages.
The landscape of Indian family has changed from conservative family and joint family to nuclear family. And today, we are seeing a growing number of blended families.
Blended family comprises spouses who have children from earlier marriages. It includes a mix of biological and step-parents, step-children and half-siblings. It also includes adopted children, foster children and other non-traditional family arrangements.
Living wills, also known as advance medical directives, are legal documents that allow individuals to specify their preferences for medical treatment in the event they become incapacitated and are unable to communicate their wishes.
“The right to live with dignity includes the right to die with dignity, under Article 21. Why should I be kept in misery and dragged on if I am terminally ill and have become virtually a vegetable,” said Professor DN Jauhar, after registering his Living Will. Jauhar, along with his wife, Professor Adarsh Jauhar, residents of Chandigarh, claim to be the first people in the country to have executed and registered living wills, in December 2019.
Wills are important.
We all know this fact, yet most of us don’t write them and even if we do write a Will, we rarely make any effort to ensure that it’s not defective.
The Importance of Non-Defective Wills
Wills are important because they ensure that you select the right people who will get your assets and benefit your loved ones in the best manner.
Movies and books have used the angle of Wills— missing, suspicious or fraudulent to often add an interesting twist to a tale. But the truth is often stranger than fiction and the Courts are full of stories of conniving relatives, greedy siblings and morally corrupt proceedings.
No one can truly predict the future, but we can always take cues from the present and add our experience to see a few steps ahead… often that understanding makes a big difference in the path we finally choose.
When clients walk into our offices, they are usually in bereavement. They are battling the emotional trauma of losing a loved one and we do help them with our advice and practical handholding, but we also see that they feel exhausted by the sheer magnitude of the work to be done from affidavits to be signed to documents to be notarized. We know that each legal process takes its own time, yet that is also a time of grief for our client.