Drafting a well thought and strategically designed will ensures that your wishes are honoured; your assets are distributed according to your intentions; and your loved ones are provided for. Effective will planning begins with a clear understanding of your objectives. Succession/Inheritance planning is the exercise to be carried out before drafting a will and the first phase of preparation of a will.
STEP 1 - Identifying the Assets & Liabilities
The first and the foremost requirement is to prepare an inventory of moveable, immovable assets, intellectual property and debts of the person making a will. The description/details of the assets and the debts (to the extent possible) are to be written while planning the will. The addition or deletions in the assets and liabilities are to be included by way of amended will or fresh will discarding the earlier will.
STEP 2 - Legal heirs and the beneficiaries
The second step in planning is to prepare a list of the legal heirs and the beneficiaries among whom the assets are to be distributed. It is not necessary that the assets are to be distributed among the legal heirs only; the strangers can be the beneficiary of the assets as the desires of the testator. If there is a minor child, designate a trusted individual or individuals to serve as their guardian(s). Ensure that your choices align with your intentions and the best interests of your loved ones.
STEP 3 – Distribution of Assets & Liabilities
The third step is to decide about the manner of distribution of assets and liabilities among the legal heirs and the beneficiaries. The share/ratio of distribution of the assets among legal heirs and the beneficiaries is to be decided at the planning stage. Ensure that your distribution align with your intentions and the best interests of your loved ones.
STEP 4 – Appointing Executor(s)
The third step is to select an executor(s), to execute the will in the form and manner provided is an essential step in will planning. Your chosen executor will be responsible for administering your estate, carrying out the provisions of your will, and settling any outstanding obligations. Choose someone who is competent, trustworthy, and capable of handling the administrative responsibilities involved. Discuss your decision with the intended executor to ensure their willingness to take on the role.Back