Review: Valid Wills and succession Planning

Valid Wills and succession Planning

Author: R N LAKHOTIA, SUBHASH LAKHOTIA

Synopsis: this is a book, of nonfiction genre, in this book there are details, specifically about wills, such as, a will is a revocable, and hence you can change when you want. what are the advantages of making a will, these kind of question is also addressed, the benefit is that if you don’t make a will, your property, will be divided equally, among the surviving members, as per the Hindu succession act 1956.suppose, you have a stepmother, who was cruel to you all your life, you try to explain to your father, due to his job/business he could not look after you, properly, but when you moved out of the house, got married, have a job, your father now old, having same faith as you did earlier, he now came to know how your step mother , tortured you, suppose your father holds 3 flats in Mumbai, and 2 acre of land in his name, your stepmother, slipped an application which was unknowingly signed by your father, this application was for making her nominee , instead of you, your father now knows what she did, taking advantage of his advancing age, he drew a will naming you the sole nominee, after your father passed away, even in the register of society, which your flat belong to, she may be nominee, but as a will, it will always supersede the nomination, you will be the owner, in case she challenges the will in court, whether the will is registered or not the case is still in your favor, hence it is an important document, one should always have a will after the age of 35, clearly nominating each property to a specific person and you should always register it, with a registrar. The author also writes how to save tax by bequeathing your will.

Special point: Making a valid will, will help you save tax, save your family from fighting among themselves.

My View: after Reading this I got myself a valid will registered, as if I die on any day all my belongings, will go to a person/ charity of my choice, it gives me independence.

Finally : This is a must buy as life, people are both uncertain, as I gave you a example of step mother above , it was the best example, where people plan for years to take away your expensive belonging, it really happens in India also in abroad, so you should always be ready, with such kind of legal weapon .

Cost: Rs 125 I got it for 100 rupees online, it was worth it.