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Monday, April 1, 2013

How can I ensure proper wealth distribution through nomination and WILL?

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Call 0 94 8300 8300 (India)

By now you must have understood the importance of nominations and writing a WILL. Nomination facilitates the comfortable receipt of funds, and WILL makes the person legal owner of those funds .The pre requisite of an Estate planning is to ensure that assets should be distributed to the right person in a comfortable manner. So to make smooth the whole process and to ensure the proper wealth distribution, your nomination should support your WILL. Just imagine how comfortable it would be for your wife, if she's a nominee in your life insurance policy and also has mention of the same in your WILL. If your WILL says that

"Financial Assets will be distributed as per the nominations mentioned in those specific investments and those nominees will own those assets"

than this leaves no scope of dispute in future. As it leads to comfortable distribution as well as to the right person intended.

Some other points to keep in mind while choosing nominees

  1. If you've appointed any NRI as a nominee in your investments or bank accounts, than make sure that he has all necessary documents like Pan card, address proof etc. to fulfil the KYC requirements.
  2. If you want to further reduce the hassles of the family members, than rather appointing nominee make them joint account holder and keep the mode of operation as "Anyone or survivor" or " Former or survivor". Don't forget to mention the same in your WILL too.
  3. If you want to secure the benefit of your spouse and kids in your life insurance policy then rather making them nominee, buy the policy under "Married women property's act".
  4. You may appoint multiple nominees, but be sure to mention the same in your WILL, and distribute assets in the same ratio as per nomination.
  5. If even after writing a proper WILL and appointing nominees you still have doubts on you wealth distribution after your demise than Private trust can be an effective tool for your wealth distribution goal.

Everything you do in your financial life should be directed towards a particular goal. Like wealth accumulation, wealth distribution is also an important goal. Your nominee should be appointed in such a way that it helps in easing out the process rather than complicating the achievement of goal of proper wealth distribution.

Happy Investing!!

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