Mr. Sharma died leaving behind his estate without a Will. What ensued was what you can imagine. His family members were at odds with the division of his property and Mr. Sharma’s death left the family divided.

Family feuds for inheritance are the common plot of most movies and TV shows and yet many people don’t get the essence of planning their inheritance.

Inheritance services– the why and the what

You accumulate assets throughout your life as you save and invest your hard earned money. These assets are for your family and loved ones so that they can use them when they need if you are not around to provide for them. While you might wish your assets to be passed down to your family members, there might be a dispute when you do not specify which asset should be allocated to whom. As such, inheritance planning is needed

Inheritance planning is wherein you allocate your assets among your family members after your demise. Inheritance planning is also called estate planning wherein you divide your assets among your living family members. When you plan your inheritance, you can dictate which asset should be allocated to which family member and by what amount.

Inheritance planning is important and should be done at the earliest for the following reasons:

  • You can leave behind an estate which can be easily distributed among your family members without any hassles
  • Your property can be easily distributed among your family members without any dispute
  • If you want your specific property to be allocated to a specific family member you can do so by naming it in your Will

Thus, you should plan your inheritance efficiently so that your property can be divided without any hassles. While planning your inheritance, do the following:

  • Create your Will and specify the assets which should be allocated to your family members
  • Mention an executor for your Will who would be responsible for executing your Will as per your desire
  • Create a trust which would hold your assets on your behalf till they can be claimed by your legal heirs
  • Appoint nominees in your investments. Nominees are individuals who are responsible to collect your property and then pass it along to your beneficiaries

Inheritance planning is an important activity which you should not leave for your old age. Plan it in advance so that in case of unforeseen instance your property can be divided between your heirs.