Succession / Estate Planning: Secure the Future of Your loved ones

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Succession / estate planning is not just for the wealthy — it is a critical part of financial planning for every individual. Proper estate planning ensures that your hard-earned assets are distributed as per your wishes, minimizes legal complications for your loved ones, and provides peace of mind.

Here are the key components of a well-rounded estate plan:

1. Drafting a Will

A Will clearly outlines how your assets should be distributed after your death.

• List all assets and specify the beneficiaries

• Must be signed by two witnesses

• While not legally mandatory, registering the Will and attaching a doctor's certificate confirming sound mental health at the time of signing is highly recommended

2. Updating Nominations

Ensure nominations are updated in the following:

• Bank Accounts

• Insurance Policies

• Mutual Funds

• Housing Society Records

• Provident Fund and Employer Records
  Note: A nominee is only a caretaker, not the legal heir.

3. Executing a Gift Deed

If you wish to transfer assets during your lifetime:

• A Gift Deed is a legally binding and irreversible document

• Especially useful when dealing with multiple assets and planning phased transfers

• Always consider the income tax implications of such transfers

4. Creating a Power of Attorney (PoA)

If you need someone to manage your affairs on your behalf:

• A PoA allows a trusted person to act for you, especially in case of immobility or old age

• It ensures smooth handling of legal, financial, or property-related matters

5. Setting Up a Trust

For those with special requirements:

• Ideal for families with minor children, special needs dependents, or large estates

• Though costlier, a trust provides asset protection, tax efficiency, and structured distribution

At Fintaxcraft, we assist you in every step of your estate planning journey — from drafting Wills and creating Gift Deeds, to establishing Trusts and managing PoAs.

Contact us today to safeguard your legacy and ensure your loved ones are protected.