Legacy Planning: Are you prepared to secure your Real Estate future?
Around 66% of all legal cases in India are Real Estate property-led litigations, which is why Indiassetz recommends Legacy Planning.
High net-worth individuals (HNIs) secure their Real Estate properties by making informed decisions. Cash investments being their priority, Real Estate struggles to make it last on their list. You may be wondering why we are opening with these lines. Does it even need a dedicated article?
Let's delve together and find out then.
Legacy planning is not just about going to your family attorney and splitting the property among heirs. We list out a set of things to do for legacy planning. But before that, we would recommend you download the Indiassetz app, which instantly helps with legacy planning.
Firstly you need to focus on information. An HNI has to list all the properties that he or she has bought. Then you need to know who the beneficiaries are, of course, it can be your family and then it can also be orphanages or any institution where you want to enjoy a portion of your wealth.
Legacy planning is different from “estate planning”. Estate planning is something that is associated with the time of death. Legacy planning begins even before death where you have apportioned property even before any eventuality like death.
Indiassetz and its network can prepare wills and trusts at a click. The second step is to get a good financial advisor & you can do it through a network of friends or work with Indiassetz directly which becomes your custodian of all legacy planning documents.
One of the key roles of a good advisor is to minimize tax on your real estate and provide advance directives. The latter is nothing but a will to direct your estate to a particular course of action when you fall sick and are taken to the hospital. An advance directive can also be binding on your heirs to not take their property in their names until you recover from your advance directive.
Your family has to honour the advance directive.
Finally, whether it is a will, a trust or a foundation we at Indiassetz can get you to the desired course of action for your heirs and beneficiaries.
Cases related to legacy planning in India are often unresolved due to large family structure, incorrect paperwork, uniformed planning, little awareness the list goes on.
To save you from recurring trouble related to who gets all your share of hard-earned wealth.