Mukesh Patel.in
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international tax expert / columnist / author / speaker

EXECUTING YOUR WILL IS SIMPLE!

Useful tax planning can also be achieved for the family through smart distribution of properties under a Will!

Last Monday, we discussed regarding the importance of executing a Will. The drafting and execution of a Will is indeed very simple and you can even do it yourself without any sophisticated legal advice, if you just bear in mind the following key points:

  • A Will can be executed on simple paper and it is not necessary to have any stamp paper or legal paper for the same.

  • No legal jargon is required to prepare a Will. In fact it is desirable that the clear intention of the testator can be understood in clear and simple language.

  • The most important thing in connection with the execution of a Will is attestation of the Will by two witnesses who are present at the time of signature of the testator and who sign as witnesses to the Will. It would be advisable if a person who is beneficiary under the Will does not sign as a witness.

  • The testator should preferably sign each page of the Will and if there are any corrections in the same he should initial them in the margin. If there are too many corrections, it would be better to prepare a new Will. (more…)

YOUR WILL GOES A LONG WAY!

Keep a joint holder or make a nomination and direct a clear bequest under your Will in respect of all your properties!

Today, we shall discuss some interesting readers’ queries with reference to the execution of a Will and passing over of property to legal heirs.

OVERCOMING PROBLEMS FOR PROPERTY IN SINGLE NAME

Query: Many times an immovable property is purchased only in single name, since that person alone has invested the funds in acquisition of the property. Where such investment has been made in the single name of the head of the household, what should be done to facilitate the smooth passing over of the property to his wife or his son or daughter?

Reply: Wherever practicable, the registration of an immovable property should be executed in joint names to facilitate smooth passing over in future. It is, however, not necessary that the second name holder should contribute any funds for having his or her name entered jointly. In such a case, the first name holder, who invests in the acquisition of the property, remains its real owner. (more…)

TAX PLANNING VIA WILL

Plan tax-friendly distribution of properties to reap valuable tax savings for your family!

                     Through execution of a Will, a person can ensure that useful tax planning benefits are availed of by his legal heirs after his death. It is common to see a testator wishing to distribute his properties amongst close members of his family.

                    When a father executes a Will, he may want to distribute his properties amongst his children. At such a time, the father should also keep in mind their taxable income and wealth. If the children have taxable income or wealth attracting tax at a high bracket, distribution of assets to them would further increase their income-tax and wealth-tax liabilities.

                    In such a case, if the father distributes such properties under the Will to his daughter in laws, sons’ HUFs or grandchildren, whose taxable income and wealth are either below taxable or in a comparatively low tax bracket, this would be extremely useful from the point of view of tax planning. (more…)

YOUR WILL IS SIMPLE, BUT SO IMPORTANT!

Execution of Your Will should figure

on the top of Your New Year Resolutions!

The importance of executing a Will has yet not been appreciated to its fullest extent in the Indian society. It is, therefore, not surprising to come across several cases where in pursuance to the death of an individual, there are several family disputes and practical problems in the absence of the Will by the deceased. The execution of a Will is very simple and at the same time non-execution of the same can create several difficulties. (more…)

Ensure Smooth Passing Over of Your Immovable Properties

Keep A Joint Holder Or Make A Nomination

And Direct A Clear Bequest Under Your Will!

(more…)

Model Draft of a Simple Will

MODEL DRAFT OF SIMPLE WILL

LAST WILL AND TESTAMENT OF ________________________

I, _____________________, aged about ___ years, resident of __________ _______________________________________________________________ do hereby declare that this is my Last Will and Testament.

(more…)

Tax Planning via Will

Your Will Can Be Strategically Designed To

Reap Valuable Tax Savings For Your Family

(more…)

How Important is Your Will?

Remember That Executing Your Will Is Very Simple

But Its Absence Can Create A Host Of Difficulties!

(more…)

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