Question

Sometimes people are not necessarily coherent near the end of life and All, what should be done if the person is not competent to make decisions anymore related to a will and their asset allocations? How can people be proactive in estate planning? What documents are needed aside from a will?

Answer 1

Answer: In broader way, the question is regarding one's estate planning after completion of life or say death of Will Executor. Normally we know , even everybody know that life is full of uncertainity and if someone goes without will or without allocation of his assets to heirs, the properties belonging to him go for several litigations.

To avoid all these problems after one's death, there is legal mechanism which prevents all such litigation's & amicable solutions without any legal hurdles. Will, preperations of will, well before in time is the most famous prevailing system in all countries. Through will one can decide about the share of each heirs for his self earned property. One can declare about his property rights in favour named beneficiary in one's lifetime for immovable & movable property. Documents relating to immovable properties like registered documents of title, locations map, partition if any thereof, all other relevant documents & for movable property, its possession & place of keeping thereof are to me mentioned like Bank, Bank Branch, account number wherein cash deposit is lying.

What should be done if the person is not competent to make decisions anymore related to a will and their asset allocations? Generally such question occurs in some situations. The legal solution of this is Will Substitute. Will Substitute is very crucial mechanism in such scene, when someone is not in position to write one's will. Through this mechanism title to the asset may be distributed to the beneficiary, transfer of property within his life time in favour of its beneficiary without attracting stamp duty and the heirs get property in their favour without going for Probate Orders. So in such type of position, will substitute is used.

How can people be proactive in estate planning? Its really imprtant to discuss that how can people be proactive in estate planning. The answer is very simple, proper guidance , teaching, is necessary with proper example of such awkward scenes, in absence of Will, the results thereof & by showing the property litigation cases. Though mass campaign all estate owners should be inspired to make their wills well before in time to avoid future litigations in one's absence after death. As its the most beneficial step for the heirs, we can by showing the advantages thereof can inspire to estate owners to go for will.