Creating and registering a Will is more important than creating assets for the loved ones. In India, many tend to fail in taking this step.
Registering a Will will help to pass on the wealth to the respective ones of your choice without any trouble.
Before making a will make a list of properties and assets you own check for the nomination in each investments.
Here are 7 things which can be included in a Will
1. Leasehold rights are allowed to be gifted in a will.
2. Any ancestral properties, where the ownership of the property is legally transferred can be gifted to the person in a Will.
3. Individuals having share owned in a company or ownership as a proprietor firm can be presented by a will. However, this will be subject to certain conditions in Partnership Deed, if any.
4. Share in Hindu Undivided Family can be bequeathed.
5. Individuals can gift properties owned in foreign countries. However, it will be subject to local laws of respective foreign countries.
6. One can also gift pets, paintings, antiques, electronic items, intellectual property, social media accounts, personal belongings etc.
Property or assets such as personal wealth, either tangible or intangible, receivables as well as liabilities/loans can be included in a Will.
Movable property like cash, jewels, insurance policies, vehicle etc and Immovable assets/property like, land/building, shop, office etc can be included.