FREE Credit Score  Watch Our Videos

Download Financial Freedom App and Start your journey to become RICH

Search in Indianmoney's WealthPedia

Estate Planning

Make sure your money reaches your loved ones with estate planning.
Just Leave a Missed Call on 022 6181 6111,
Our Money Doctor will reach you shortly !

Get the best advice on
Estate Planning

I have read and I agree to the Privacy Policy
 
 

Please Verify!

 
 
Estate Planning
FAQ's Articles Videos Calculator

Learn to Save, Spend, Invest & Borrow Wisely with our Youtube Channel

Rate us
  • ★
  • ★
  • ★
  • ★
  • ★
5.0 / 5 based on 85 User Reviews

What is estate planning?

An estate plan is the process of planning for the orderly administration and disposition of property after the owner dies.

Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you own. It can include cash, clothes, jewelry, cars, houses, land, retirement, savings accounts and so on.

Estate planning India includes making a will, setting up a trust or making a nomination and even life insurance. Estate planning services in India have gone to a new level Video taping of wills, making of trusts and even a probate (Will certified in a court) is the new way.

Online estate planning such as making of an online will as well as transfer of digital assets and even email accounts is an important business

  • Ask Money Doctor

    Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.

  • Ask IndianMoney.com Money Doctor
Why Estate Planning

Pass on your wealth

You are able to pass on your wealth and assets to your loved ones and heirs, in a hassle free manner. This helps to avoid family disputes and fights.

Care for your loved ones

If you have a handicapped child, you can provide money for future needs. A guardian would require money, as this child has special needs.

No Court Battles

You have the family settlement where property and assets are divided in an amiable manner. A probate might prevent those lengthy court battles.

Digital Settlement

In the digital age the benefits of e-insurance and demat accounts are passed to your heirs. Video taping of a will ushers a new era in estate planning.

Key factors to consider for Estate Planning

Why is estate planning necessary?

In the absence of a will, the distribution of the estate is governed as per laws of the nation. If you are a Hindu it is as per Hindu Succession Act 1956. For Christians, Jews and Parsis it is as per the Indian Succession act 1925. If you are a Muslim your property will be divided according to Muslim Personal Law.

This means that your loved ones might be left out of the disposition of the property, and in the worst situation when there is nobody to claim it, the Government becomes the owner of the property. Therefore estate planning is very much required as this is ultimately planning for your own assets with the future perspective in mind.

What are the methods of estate planning?

Will: In a will you state how you would like to distribute your assets (land, property, gold, cars) after death. Who should get how much? This is basically what a will is all about.

You need an executor (someone you trust) to execute the will on your behalf (Make sure that your wish is honored as you are not around to do the job yourself).

Trust: A trust is used to transfer wealth to your heirs (children).These trusts have to be compulsorily created/registered and Governed under the Indian Trusts Act 1882.

In a trust you (Settlor) can transfer your movable property such as a car as well as immovable property such as property or land to the trustee (person who holds the property on behalf of your beneficiary/children).

The trustee is the executor (manager of the assets) on behalf of your beneficiary and ensures that your wealth reaches the beneficiary irrespective of what happens to you.

You can transfer shares/mutual funds, fixed deposits, cars, land, apartments/house, gold, art as well as antiques to the trust.

Nomination: If you have a fixed deposit, shares or mutual funds you need to make a nomination, where you state who will get the money lying in these accounts on your death. The person you appoint is the nominee. The nominee (basically someone you trust) transfers your wealth/investments to your heirs (Children).The nominee is not the owner/inheritor of your wealth. He is a protector/trustee of your wealth and makes sure your beneficiaries (heirs) receive the money. Nomination is done mainly for shares/mutual funds, life insurance policies or land and property.

When you die after making a will your beneficiaries/heirs inherit your property/wealth. The nominee you appoint (could be your nephew or a lawyer), serves as a trustee and makes sure your wealth reaches your heir. A nominee is not permanent and you can change your nominees any number of times. You can appoint your heirs (children) as nominees. If your child is a minor and you appoint him as a nominee you need to appoint an assignee who serves as a guardian.

Whole Life insurance: If you want to leave a huge legacy for a disabled child you must take up a whole life insurance policy where on the policyholder's death, the disabled child (beneficiary) gets the sum assured as well as the accrued bonus.

If you have a genetic disorder which has a high chance of being passed on to your child then you can opt for a whole life policy where death benefits and an accrued bonus mean a large sum at maturity.

 

Concepts & FAQ's Estate Planning

What is Estate Planning?

An estate plan is the process of planning for the orderly administration and disposition of property after the owner dies.

An estate plan can be as simple as having a will and naming a beneficiary, or as complicated as having several trusts for different purposes in addition to the will. Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you own. It can include cash, clothes, jewelry, cars, houses, land, retirement, investment and savings accounts, etc.

After one's demise if he has no estate plan that includes a will, he/she is considered to have died in estate, and the state where he/she live will determine who gets your asset as determined under the state's inheritance laws. This means that one's loved one's might be left out at disposition of the property, and in the worst situation when there is no body to claim it then government becomes the owner of the same. Therefore estate planning is very much required as this is ultimately planning for one's own assets with the future perspective.

Objectives and goals of Estate Planning

  • Making sure most of the estate is transferred to your beneficiaries

  • Paying the least amount of taxes on your estate

  • Assigning guardians for minor children, if any

  • Helping to reduce or avoid conflict among family members.

  • Ensuring that his/her children have the legal guardian of their choice.

  • Ask Money Doctor

    Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.

  • Ask IndianMoney.com Money Doctor
Thinking of buying a Estate Planning ?

To be absolutely sure of WHAT TO LOOK OUT, talk to IndianMoney.com on the phone for FREE financial consultation.

Expert Financial Advisors from IndianMoney.com would provide you unbiased, correct and up to date information so that you can make an informed financial decision.

Frequently Asked Questions

What is Estate?

Estate refers to everything you own. This includes all your possessions, your investments, businesses and of course any property you own.

What does a proper estate plan include?

An adequate Will or Trust; .A written agreement concerning the status of your .A directive to your physician or a Durable Power of Attorney; .Final instructions of your preference.

Is it necessary to review my Estate Plan?

Estate plan should not be considered permanent because your desire may change. Estate plans should be reviewed at least every two-three years but, additionally, any important change in your life demands immediate review.

  • Birth, death, marriage, divorce

  • Large increase or decrease in the net worth of you or a beneficiary.

  • Purchase or sale of a business.

  • Change of residence to another state.

  • Change in tax law.

In case I don't have a will or a trust, what will be the possible consequence?

If you do not have a Will or a Trust, and have not used other probate-avoiding techniques, upon your death, your assets will pass according to the laws of the state to those whom you might not desire to share your wealth.

What is a Power of Attorney?

A Power of Attorney allows you to delegate your right to manage, invest, and spend assets held in your individual name to someone else, called your "attorney in fact." Want to know more as to what needs to be considered to make a perfect estate plan, call us on 080 67974000 and speak to our experts!

How estate taxes are paid?

Estate taxes are due and payable nine months after your date of death, and the IRS or state revenue department won't accept a piece of real estate, diamond ring, or stock in your business for payment. You're Personal Representative or Administrative Trustee will thus face the challenge of determining where the cash will come from to pay the taxes.

Can one choose beneficiaries of his wealth/estate?

There is a legal obligation in some countries known as 'forced heir ship'. This means certain people (close family and dependants in certain countries) will have a legal claim to your estate, irrelevant whether they are included in your will or not. For some it might be the correct choice to remove this option by setting up an offshore trust in order to allow named beneficiaries on all or part of your estate. To know more about Estate Planning, call us on 080 67974000

What happens if I die without an estate plan?

If you die without a good estate plan, you're leaving everything to chance. Simply put, you won't have any idea what will happen to your loved ones in the event of your death or disability.

Who can create a power of attorney?

Generally, any individual can create a power of attorney if over 18 years of age, a resident of the state in which it is created, and legally competent. This, however, varies from state to state.

What exactly is probate?

The term "probate" means the process of legally establishing the validity of a Will.

Get the Best Financial Advice on Estate Planning Leave a Missed Call @ 022-6181-6111
 

Estate Planning Articles

There is no Shortcut to become RICH, But here is a SECRET.Download the IndianMoney App and Be Wise & Get Rich

Google Play
Read Article

6 Financial Tasks To Do When Parent Dies

01 January 1970, Thursday    

The loss of a parent is a terrible tragedy. It leaves you emotionally drained. You just don’t know what to do. Sadly, this is also a time you need to be emotiona.

PAN Senior Citizens Financial Planning Life insurance plans Financial Transaction Financial Education Investing Money Mutual Fund Investment financial goals Documentaries

Is Inheritance Tax Coming Back In India?

01 January 1970, Thursday    

  India had an inheritance tax way back in 1935.  It was during Rajiv Gandhi's rule in 1985, that this tax was abolished. Now, the inheritance .

5 Things To Be Done If You Are Inheriting Ancestral Property

01 January 1970, Thursday    

Property disputes….broken families….there are no words to describe why you need to safeguard your inheritance. If you do not safeguard your inheritance, .

Home Loan Fixed Deposit savings bank account Equity mutual funds Inheritance

LOAD MORE
 

Estate Planning Videos

There is no Shortcut to become RICH, But here is a SECRET.Download the IndianMoney App and Be Wise & Get Rich

Google Play
 

Learn to Save, Spend, Invest & Borrow Wisely with our Youtube Channel

Home Videos
क्या 1 लाख करोड़ कमाना संभव है? | Is it Possible to Earn 1 Lakh Crore? | How to earn 1 Crore Rupee?

क्या 1 लाख करोड़ कमाना संभव है? | Is it Possible to Earn 1 Lakh Crore? | How to earn 1 Crore Rupee?

6 Years Ago

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here: https://indianmoney.com/ffa/FmCSZ69pHo   Having goals is good, but what if a goal seem unrealistic, what to do in that case? Should we just give up thinking it is not possible or should we continue to pursue it! In this video, CS Sudheer answers a very interesting question “Whether it is possible to earn 1 lakh crore?” Watch this video to learn whether it is possible to attain a goal of this stature or not and having a Net worth of 1 lakh crore is a practical goal or not
अपने मकान से ज़्यादा किराया कैसे कमाए? | How to Make More Money as a Landlord?

अपने मकान से ज़्यादा किराया कैसे कमाए? | How to Make More Money as a Landlord?

6 Years Ago

Start your Journey to Become Rich with IndianMoney's Financial Freedom App, Download here: https://indianmoney.com/ffa/FmCSZ69pHo   Due to the recent economic slowdown A lot of sectors are going through a downside and real estate is one of them When it comes to rental income, even that has been affected as the majority crowd is heading back to their native In times like this, even landlords need to come up with innovative techniques to get more inquiries and potential tenants In this Fayaz suggests few methods in which owners can use to power through the corona crisis
How to Earn 1 Lakh Per Month from Just 1 Acre of Agriculture Land?

How to Earn 1 Lakh Per Month from Just 1 Acre of Agriculture Land?

6 Years Ago

Donwload the Financial Freedom App to access the complete course on "How to Earn Rs 1 lac per month from just 1 acre of Agriculture Land?" along with 30 other life changing courses on Personal Finance, Career, Business & Farming.  Download here: https://indianmoney.com/ffa/FmCSZ69pHo
Increase Earnings Earn More

LOAD MORE
 

Calculator

There is no Shortcut to become RICH, But here is a SECRET.Download the IndianMoney App and Be Wise & Get Rich

Google Play

Related Articles

07 May 2018, Monday

6 Financial Tasks To Do When Parent Dies

  • The loss of a parent is a terrible tragedy. It leaves you emotionally drained. You just don’t know what to do. Sadly, this is also a time you need to be emotionally strong. This is also an important moment when it comes to money. It might seem insensitive, but this is also the time cunning uns
10 October 2017, Tuesday

Is Inheritance Tax Coming Back In India?

  •   India had an inheritance tax way back in 1935.  It was during Rajiv Gandhi's rule in 1985, that this tax was abolished. Now, the inheritance tax might just make a comeback. The Government is thinking of re-introducing inheritance tax popularly called estate tax. This is expected t
06 June 2016, Monday

5 Things To Be Done If You Are Inheriting Ancestral Property

  • Property disputes….broken families….there are no words to describe why you need to safeguard your inheritance. If you do not safeguard your inheritance, encroachers and squatters could take over your house. Driving them away from your house can take a life time. Legal battles in the co

Most Read Articles

18 July 2012, Wednesday

How to Make Claim on a health Insurance Policy?

Formalities for a health insurance claim You can make a claim under a Health insurance policy in two ways: On a Cashless basis and A Reimbursement Claim On a Cashless basis: For a claim on cashless basis, your treatment must be only at a network hospital of the Third Party...

14 March 2014, Friday

ELSS - Utilizing the power of compounding

As the name suggests ELSS invests the whole corpus in equities. Proportions as high as 80-90% of equities are found in an ELSS Fund. It is a special kind of mutual fund that qualifies for tax benefits. Basically Equity Linked Savings Scheme is a mutual fund with a lock in period of three years and...

07 January 2014, Tuesday

Why One Must Never Neglect Estate Planning?

One of the most common reason for family feuds in India as in the rest of the World is faulty estate planning. Estate planning is a neglected topic in India mainly because of the emotions attached to it. A common reason people neglect to make a will or indulge in estate planning in their younger yea...

CIBIL Meter

Get FREE Credit Score now!
Attention!

This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.