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Will and Estate Planning by Mitraz Financial


Hello Friends, Greetings from Mitraz. Hope you are having a good day. In my last video, I talked about different
types of risks and management of these risks through various insurances available in the
market. Today’s video addresses Estate Planning. Watch till the end to know about taxation
on Estate transfer. If someone were to pass away unexpectedly
and there is no WILL, a commonly used vehicle to transfer assets upon the demise of a person,
different succession laws also known as personal laws determined by the religion of the person
are applied. The personal laws may not fulfil the wishes
of the deceased. Your estate however small or big is the result
of your hard work and toil that you have put over several years. It is important that your wishes in terms
of the distribution of wealth are honoured after your time. Apart from WILL, a TRUST may also be used
for the transfer of wealth to intended recipients. Unlike a WILL, a Trust is a living entity
where the trust deed governs the usage of wealth linked to certain milestones. TRUST creation becomes imperative especially
when you want to take care of someone important (e.g., sick child, college education at a
specific age) after your time. A WILL comes into action immediately after
the demise of the person and actions towards estate transfer are one time. Registration of WILL, though not mandatory,
may help in the probate process. Probate is a legal process for settling an
estate, whether one has a WILL or doesn’t have a WILL. There are various templates available online
to put together a WILL. As of now, there is no estate tax in India
when assets are inherited. It was abolished in 1985 but it is conceivable
that the estate tax may come back in the future. The only mechanism to avoid any future tax
is to create an irrevocable private trust and transfer the assets there. If you have an Adviser then she will be able
to help you put together your Estate Plan based on your wishes. In my next video, I will talk about the steps
you should take to organize information related to your finances securely and for easy access
by near and dear ones. This is Nandita Jaiswal from Mitraz Financial. Helping Clients Realize Their Aspirations!

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