one generation plants trees, another gets the shade
Sandeep nerlekar, Founder & Ceo, Warmond trustees & executors Pvt. ltd.
one generation plants trees,
another gets the shade
life means assuming responsibilities.
Responsibility towards yourself, your spouse,
your children and all others you consider near
and dear. Each day is an event, of different
dimensions and hues, encompassing all the
emotional facets of life. One thing is certain,
time moves on and with it life. As we live
our life, it is our responsibility to enrich the
lives of those around us both emotionally and
materially. Today, after years of effort you
have reached a position that allows you to
create your own world of dreams and security.
However, the story is far from over. The element
of continuity demands that this cherished dream
is extended to your loved ones and become in a
way immortal. Let them also inherit your dreams
and also secure their future and the future of
generations to come.
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What is inheritance planning?
Inheritance planning is the process of
accumulating and disposing of an estate by you
that will satisfy your speciic wishes and goals.
One of the main goals of Inheritance planning
includes making sure that the greatest amount
of your estate passes on to your intended
beneiciaries, as smoothly as possible.
What are the advantages
inheritance planning?
of
1.
You can decide who receives a share of
your assets
2.
You decide how and when the
beneficiaries will receive the inheritance
and in what proportion.
3.
4.
You decide who will manage your estate
Eliminate the hassles of the law having
to distribute your assets to legal heirs if
you die intestate (without leaving a will
behind)
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•
Why a Will?
•
A will is an easy way to ensure how and
in what proportion you want your assets
to be distributed to the beneiciaries after
you.
•
It is not about the value of assets you
have, it is about ensuring that your hard
earned assets are passed on to your next
generation hassle free.
•
A will can also be used to appoint a
guardian to look after children until they
can look after themselves.
•
A will also allows you to choose a person
to manage the distribution of your assets.
This person is called an executor. If
you don't have a will, your assets are
distributed by a court-appointed person
called an administrator.
•
Eliminate the hassles of the law having
to distribute your assets to legal heirs. If
a person dies intestate (without leaving a
will behind), ordinarily court intervention
is required.
Why a trust?
Making arrangements for your family, and
distribution of assets at various stages and
circumstances.
Providing due protection to the
family members against adverse
contingencies.
Precaution is better than cure
News on Ambani, Modi, Bajaj, Birla and many
more cases have made headlines and they
continue to make headlines. These could be high
profile cases, but even the non-HNI families
face such issues. Lack of planning leads to
legal disputes and loss of time, wealth and
opportunity. It also leads to stress.
Everybody who has acquired certain wealth
should write a will. You don’t need to be old to
do this. In certain cases though a will may not
be enough and then you need to consider setting
up a trust. Following cases may consider setting
of trust.
•
Making gifts – You can specify at what age
and in what circumstances your intended
beneiciaries can have them.
•
Protecting assets if you don't wish the
beneiciary to have full control of them.
1.
Nuclear families with Minor children
2.
Joint families
•
Managing the assets without losing the
control.
3.
Families with differently able members
•
Provide and create a legal protection for
example attachment of personal assets in
the event of problems in the business or
unforeseen reasons.
4.
Family separations
5.
HNIs
6.
Asset Protection
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