giftmylegacy2020-blog

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Will or an estate plan is one of the necessary tools to protect, manage and distribute your assets if you get unwell or pass away. Moreover, it can ensure that your minor children are looked after in the event of any emergency. These ideas are only restricted to elderly people and thus, many think Will or Trust are meant for only parents or seniors. It might sound strange to a young person if someone reminds him/her to create an estate plan. Well, don’t get startled, because Will can be created if you are an adult, i.e over 18 years old. Moreover, if you are married or living with a partner in a committed relationship, then it is fair to say that it is overdue.

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A Hindu male Mr. Rao died intestate (without a legal Will) in the year 2007, leaving certain properties, survived by his widow, one son and three daughters as the legal heirs and successors to the properties. Some properties are in the name of the widow and she has been managing all the entire properties as their son has been living abroad for the last 20 years. The mother gifted away her properties to the daughters in 2006. Disputes arose with regard to sharing of the properties. While the son managed to get his name mutated in the revenue records as the pattadar of the properties, the daughters filed a suit for partition claiming their entitlement in the properties as per The Hindu Succession (Amendment) Act, 2005.

Let us look at the two scenarios

Scenario-1 The law takes its own course for a logical conclusion in the partition suit, leaving feelings of disappointment, anger, animosity, and bitterness among the siblings.

Scenario-2 They could amicably settle their inter se (“among themselves”) rights in relation to the property to avoid disputes and executed a family settlement agreement or partition deed wherein the shares of the legal heirs could have been defined and get the same registered and mutated in their respective shares.

Solution: In this case, the family settled inter se after mediation by elders in the family.

Because The Validity of the Will Could Be Challenged On The Grounds Of

Improper execution

Lack of testamentary

Lack of testamentary capacity

Suspicious circumstances surrounding the Will- eg. Undue influence,fraud or forgery

Revocation

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Dr. Amarish Warty speaks about his experience with Gift My Legacy

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Find out how the services of gift my legacy are useful to people. How you can stay organised in your personal life.

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Being a parent is difficult. It comes with a lot of responsibilities. And one of the major duties of a parent is to create a Will.

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#onlinewill #Freewill #digitalwill #digitallocker

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Busting 5 myths about Will creation

Will is an important part of life. However, it is one of the most neglected things too. People often tend to keep it aside leading several problems afterwards. A lack of Will gives rise to a family feud, trouble for the next generation, legacy getting confiscated by Government and many more. Various people have different ideas regarding the Will, its expensive, its time taking, it’s for rich and many more. And these wrong thoughts lead to severe troubles. We are going to bust 5 myths about Will and you would wonder why haven’t I gotten one till now!

Here are the myths that you really need to know –

Creating a Will is expensive

This concept might have been true many years ago when people didn’t have the luxury of comparing prices of estate planning and others. In today’s world, creating a Will is as cheap as having dinner at a restaurant. All you have to do is research and choose the best option for you.

Creating a Will is time-taking

At this age and time, with only just 10 minutes at your hand, you can prepare your Will from anywhere you want. It can be as much comprehensive as you want but also equally convenient.

Making a Will is complex

Well, this isn’t true at all. At first, you must make a detailed decision of the fate your assets in a good healthy mind at your own time, which might be a little bit tedious. But various online organizations are there that would provide advanced provisions to help you make the decision.

Will is for the Rich or Elderly

Will is for everyone who has assets. Without a Will, the assets might get confiscated by the Government and also your legacy might not be well distributed as you might have wanted. Also, if anything happens to you suddenly and your next of kin is a minor child, then the monetary and other assets like retirement funds, life insurance policies might get on the wrong hands, which may lead to troubles for the heir. So, you need to create a Will or a Trust for smooth and better transmission of the legacy.

Once a Will is made, it is done forever

This is not true at all and that’s why digital Will are so handy. One can revise their Will as many times as they want. It is better to update it at regular intervals because with time your legacy value will increase or decrease.

If creating a Will has been in your to-do-list for months or years and you have been stalling it for these reasons then it is high time that you debunk your perspective and get over these myths. Most of us are really uncomfortable confronting our mortality, especially when we are young and healthy. But life is uncertain and it is advisable to keep your estate plan and Will ready for a better life of your loved ones.

Making a Digital Will or Trust is extremely easy and affordable because of Gift My Legacy. You can create a legal Will in less than 10 minutes at your convenience and at an affordable price

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The ageing checklist that every retiree must have

Though ageing is a constant and inevitable truth, many tend to avoid any discussion related to it. With time dealing with an ageing person becomes more and more difficult as they tend to lose control and often family members face challenges. Well, this situation can be avoided by planning ahead.

As per the data of World Population Prospects: the 2019 Revision, one in six people in the world will be over 65 years, by 2050 and the number of persons aged 80 years or above will be tripled by the same. This growing geriatric population is in dire need of an ageing checklist so that post retirement they can save a tremendous amount of time and trouble for themselves as well as their loved ones.

Life after retirement should be filled with happiness along with family and relaxation from financial worries. So the planning for the checklist must start a few years ahead of retirement .

Here’s an ageing checklist that every retiree should make and follow –

Estate Planning

Possessing an estate plan is extremely necessary as it can avoid family feuds, secure the family’s future and ensure fulfillment of one’s wishes after they are gone. From implementing a senior care planning attorney to distributing the assets according to the wish and even appointing a guardian to the ward – estate planning is one of the major things to look into before retirement.

Estate planning involves one or all of the below, depending on a case to case basis –

Getting a Will with all listed assets and two witness signatures and lawyer information, if done by lawyer or executor information.

Choosing a Power of attorney and saving his/her information

Getting an irrevocable/revocable Trust.

Financial Planning

While getting an estate plan is of utmost importance, arranging the investments and the documents before and after retirement and storing the details safely for the family’s future use is equally necessary. Though banks provide safe storage options, it involves a lot of legwork and money, so it is recommended to go digital and save it in an e-vault. A sample list of documents that needs to be stored during financial planning are mentioned below –

Names of financial advisors and their details

Bank accounts with branch details, advisors, passwords and nominee details

Pension plans

Investment details with nominee details

Insurance plans with account details and nominee details

Medical insurance papers

Tax papers with property list

Disability insurance

Mortgages

Loans

Card details

Mutual funds with manager details

Health Insurance with coverage amount details

PF details

PPF details

Stock details with account manager details and DP numbers

FDs with bank details and nominee details

Health Planning

An ageing person should add health planning to the checklist. While documents should be stored in a secured platform for the children or the next generation to take care of, retirees are also advised to take care of their health with regular checkups and regular health activities. Health planning involves storing the below mentioned documents –

Medical-claim papers with details of hospitals, amount covered

Insurance papers with details of amount covered, nominee, account manager

Medical history with all reports (scanned and uploaded)

Personal

One should consider listing all the relevant personal information and documents in a secured platform for the loved ones who need to act on their behalf. Here’s the list of the things that needs to be stored –

All online login information for banking, investments, utilities

Email id and password

Social media ids and password

Phone passwords

Any online data store/vault details and password

Personal memorabilia and its successor

Business Planning

If one owns a business, then he/she must think about its future and the next steps to keep it safe and flourishing. For that, below are the list of things to do –

Getting a succession plan

Detailing the shares within the company and saving it safely

Saving the names and details of the directors with their individual share percentage

With this list, ageing can be better managed, and an ageing person will be well prepared to keep the smile intact on the faces of their loved ones when they won’t be around.

Gift My legacy is the exact thing that one needs to store all these above-mentioned documents and get a digital Will or Trust made. It is India’s first digital platform that is built in such a way that the ageing population can make their legal Will digitally from anywhere at any time and store all their financial documents including IDs, passwords, personal memorabilia list without any legwork and in an affordable rate for gifting a better future to their family.

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3-things-to-think-about-before-coronavirus-affects-you

The global COVID – 19 or Coronavirus outbreak has left the entire world in extreme thoughts of tension and anxiety. While doctors and researchers are trying their best to put a leash on this spreading disease, people in dozens across countries are getting effected and contracting the virus. This pandemic has caused many to think about their estate plans in case of an eventuality. Though nobody likes to think about mortality, situations like this can kick off thoughts about certain affairs that need to be taken care of to protect themselves and their loved ones. Here’s a list of things which one can prepare and update to leave themselves and their family with all the necessary and important things.

Will or revocable trust

It is the right time to start thinking of possible ways to safeguard your loved ones and protecting your assets, should something happen to you. With a digital Will or a digital revocable Trust, you can ensure that your wishes are documented for your asset distribution from the comfort of your home.

Digitalization of financial documents

Even if you have a Will or Trust, it is paramount to have all supporting documents stored safely as well. From loan papers, insurance documents, to bank details, official passwords and many more, one should save all of these in a digital vault, that can be accessed by a beneficiary in future from anywhere in the event of one’s death.

Power of attorney for healthcare and financial dealings

In situations like this, one must get his/her financial and healthcare details in place. Moreover, he/she must choose a person and give a durable power of attorney. That person with the power of attorney will be responsible to take decisions related to finance and medical on the creator’s behalf if something leaves him/her incapacitated. One can choose individual persons for healthcare and financial respectively to match things as per their particular wishes.

While one should get his/her Will done or save financial documents or declare power of attorney at any time of his/her life, this sudden coronavirus outbreak makes the above-mentioned activities immediately necessary. It is always better to give a safe and secured future to the loved ones at times when there are chances that something might happen.

Gift My Legacy is India’s first digital platform that provides services for all the above-mentioned things. From creating a digital Will/ revocable Trust to storing financial details, this robust platform has been bringing a smile to all its users’ faces. So, it’s better to be safe than sorry in this COVID-19 outbreak and subscribe to Gift My Legacy!

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Go digital and carefree with Gift My Legacy's e-vault

Find out how e-vault services of Gift My legacy can help you stay organised in your personal life. You can scan the official and legal documents and store it in our robust e-vault and forget about all the paperwork. For more details, visit-  https://bit.ly/36VLHna

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Why getting a digital Will is important?

Find out why the digital Will services of Gift My Legacy is needed. Just by planning and investing some time, one can get a digital Will staying at home. To know more,  visit us at- https://bit.ly/36VLHna

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What is Gift My Legacy?

Check out how Gift My Legacy is improving lives and helping people plan the future from anywhere at any time. To know more,  visit us at- https://bit.ly/36VLHna

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Online Will Registration

Gift My Legacy is India's first online portal to create a legally tenable digital Will that meets the basic legal requirement. We also allow you to store all the relevant and critical documents in our electronic vault for your family, who can access it if something happens to you.