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Wednesday, January 1, 2014

Benefits of Writing a WILL

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After a person's death, his or her assets are disposed off either as per the intentions of the deceased or, in the event of his intentions are not known through the legal process of inheritance. By writing a proper WILL you don't only avoid the property disputes which are very common these days but also plan a smooth succession and distribution of assets as per your wishes.

  • If properly drafted you could be able to save lot of taxes for your inheritors.
  • You can make specific legacies and bequests in your WILL like to your domestic help, and specific person other than family member etc. which is not possible otherwise.
  • You can distribute the liabilities and responsibilities through a WILL. Like who'll clear off which loan and who will take care of whom.
  • You can create "Annual charge" through WILL. For e.g. you bequeath your property to your one son and ask him to make payment of Rs 10000/- p.m. to his sister.
  • You can also create good behaviour in your inheritors by attaching specific conditions in your bequests.

Happy Investing!!

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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