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Introduction:
If you’re a Non-Resident Indian (NRI) considering the importance of making a will, CA Arun Tiwari offers invaluable guidance. In a recent discussion, he explored the details of will-making, addressing myths, and providing essential insights tailored for NRIs and individuals with property in India.
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Understanding the Significance of Making a Will:
Making a will holds immense importance, especially for those with assets overseas or in India. CA Arun Tiwari emphasizes the need for a clear and comprehensive will to prevent issues and ensure assets are distributed as desired. Drawing from personal experience as an executor, he highlights challenges that can arise without careful planning.
Dispelling Common Myths:
Addressing common misunderstandings, CA Arun Tiwari clarifies that there’s no fixed format for a will. It can be handwritten, typed, or on stamp paper, as long as it clearly outlines intentions to avoid disputes. Wills aren’t just for the elderly; they should be made as soon as one has assets to distribute, typically around the age of 30 to 35. Registration isn’t mandatory but adds authenticity and security.
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The Role of Executors and Consequences of Dying Intestate:
CA Arun Tiwari stresses the importance of selecting a trustworthy executor to ensure the faithful execution of the will. Executors play a crucial role, and having a backup avoids delays. Not having a will (dying intestate) can lead to significant problems, as assets may not be distributed as desired, resulting in legal battles and delays.
Optimizing Estate Planning with Family Trusts:
For comprehensive estate planning, CA Arun Tiwari suggests exploring options like Family Trusts, especially beneficial for parents with young children. These trusts safeguard assets and facilitate distribution, ensuring financial security and minimizing disputes.
Dos and Don’ts of Will-Making:
When making a will, clarity is key. Avoid contradictions and ensure intentions are clearly outlined to prevent disputes. Appointing an executor is crucial, and having two—one trusted individual and one professional—ensures efficient execution. Consider provisions for alternate or additional executors for unexpected circumstances.
Conclusion:
In conclusion, CA Arun Tiwari emphasizes proactive estate planning for NRIs and individuals with assets in different jurisdictions. Crafting a will isn’t just about asset allocation; it’s about preserving your legacy and ensuring wealth is distributed according to wishes. For expert guidance, reach out to CA Arun Tiwari and his team for a smoother transition of assets and a secure future.