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.
