Introduction:
The inevitability and unpredictability of death raise crucial questions about the fate of one’s investments and properties when the individual fails to disclose such details before passing away. The absence of a clear distribution plan often leads to disputes among heirs, disrupting harmony. Many individuals postpone the distribution of their assets until after their demise. This article explores three essential strategies to ensure a peaceful and harmonious distribution of investments among heirs.
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In the meticulous planning of savings and investments, individuals often overlook the crucial aspect of organizing the distribution of their wealth, both tangible and intangible, before unforeseen events occur. Therefore, it is imperative to consider three key measures for efficient property distribution during one’s lifetime:
Three Essential Steps to Take While Alive
- Will: Drafting a will stands as a testament to the equitable distribution of one’s acquired assets, whether movable or immovable, during their lifetime. While a will can be a straightforward method, it is advisable to register it at the sub-registrar office for added security. Clearly stipulate the intended recipients and those excluded from inheritance to prevent future disputes. Failing to create a will defaults to the provisions of the Hindu Succession Act. Ensuring two witnesses, preferably a doctor and a lawyer, can attest to your mental competence during the creation of the will add an extra layer of validity.
- Nominee: In numerous cases, individuals neglect to designate a nominee for their bank accounts, demat accounts, PPF accounts, mutual funds, and other investments, introducing uncertainty into the fate of these assets after their demise. Establishing a nominee is crucial, as it acts as a custodian of the assets until the rightful beneficiary can claim them. Without a specified nominee, acquiring details from relevant departments becomes challenging, necessitating a succession certificate. It is essential to clarify that a nominee is not equivalent to a beneficiary; rather, they serve as caretakers until the assets reach the intended heirs.
- Security Passwords: In the digital age, our dependence on technology for even the smallest financial transactions is evident. Maintaining a record of all UPI IDs, net banking details, credit and debit card PINs, and passwords for relevant accounts are imperative. This ensures that beneficiaries or legal heirs have access to these vital accounts after the individual’s demise, preventing complications in managing the deceased’s digital assets.
Conclusion-
Adopting these proactive measures while alive can significantly contribute to the seamless and equitable distribution of investments and properties, fostering harmony among heirs after the individual’s demise.
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