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It is a common sight when a lot of family issues happen after the demise of the elder member of the family related to the partition of the property amongst the family members. To avoid such issues it is very important to have a proper will which defines everything clearly because people commit hideous crimes which are not good for the society as a whole. And also in some cases a third person tries to bluff the family and take away the property. It is a necessity for all nowadays to make wealth but it is also important to safely hand it over to the worthy owners.
But creating wealth is just a part of financial planning and securing the future of your heirs. It is important to have a wealth succession plan in order to completely justify your duties and the wealth you have gathered in your life. I am sure a lot of people reading this article would already know what a will is but few know the importance of it and fewer actually take initiatives to make a will.
If a person dies without a will the law of succession applies according to his religion. Inheritance issues in India are way too complex than actually known to most people.
Inventory of Assets
Inventory in simple English language is a place where things are stored. Therefore in this case also inventory of your assets means making a list of all the valuable assets you possess so that you keep a track of how will it be distributed. This is important in case of people who have an elaborate investment list or lavish property or assets as it would be difficult for him to keep a track otherwise. Also it is not easy for people who do not possess significant amount of property and land therefore it is important for them as well. An attorney can help you with determining the most tax-efficient way to distribute it among your heirs.
In case you do not have significant assets to require the advice of an attorney, you can simply make an inventory and decide who is going to get what.
Property Types which can be included in a will
Property Types which Cannot be Included in a will
This all about how the importance of a property will for every individual. I hope the information in the article makes you feel that you are required to make a will and hence have to start with an asset inventory.