Frequently Asked Questions
About succession planning, wills, and how My Legacy Box works.
General
Succession planning is a well thought process to ensure in case of untimely demise, wealth of the person is tracked, managed and distributed according to the wishes of him/her.
A financial plan is incomplete without a succession plan in place. A succession plan helps in avoiding losing track of assets and debts, achieving peace of mind, ensuring family's future being protected even when the breadwinner is not there anymore.
The best time to create a succession plan is when someone starts accumulating wealth. Succession plan is a continuous process and needs to be reviewed in a regular intervals especially upon life changing events such as receiving inheritance, marriage, divorce, change in health condition, retirement etc.
The essence of an effective succession plan lies in having clarity and regular review. Similar to any other monetary planning, succession planning requires financial discipline. An effective succession plan makes sure the loved ones are being cared for without going through disputes and distress.
Though you can create a succession plan on your own, it is always advisable to take help of a qualified expert in estate planning/personal finance advisor/lawyer to build an effective succession plan.
Most Frequently asked
Will is a legal declaration by an individual specifying his/her wishes on how the properties and other assets to be distributed upon his/her demise.
A Will can be written on a plain piece of paper. The law has not prescribed any specified format for a Will. You can write your own Will by yourself. However, to avoid any errors or mistakes, it is advisable to take the help of an expert while drafting your Will.
Testator : A person who prepares/write the Will Beneficiaries : Beneficiaries of a Will are the ones chosen by the Testator who shall be receiving your wealth after the death of the Testator Executor : A trusted person who is in charge of the distribution of the estate according to the Will after the demise of the Testator. Multiple executors can be appointed for a single Will. Witness : To authenticate a Will, two individuals need to sign it in the presence of the Testator.
Though it is not mandatory to create one, a Will has many benefits. Apart from providing clarity to family members, it helps in having peace of mind, avoiding family disputes and discovery of assets and debts.
Both Trust and Will plays important role in succession/estate planning. It totally depends on the circumstances, requirements and complexities of the arrangement. At times, combination of both may be the best fit.
Absolutely, including minor children in your Will is crucial in india.
About My Legacy Box
No, My Legacy Box is operated by Oneg Solution Private Limited. Oneg Solution Private Limited is a technology company which has a group of tech and legal experts who help in providing the best products and services to the users.
Drafting your Will online is legally accepted in India. My Legacy Box's data blind policy makes sure your data is very safe and secure. No one has access to your data. My Legacy Box App is easy to use, secure and saves your hard earned money.
My Legacy Box is a mobile Application which is currently available in Google playstore.
You can reach out to us at info@mylegacybox.in.
Yes, you can always schedule a call with an expert or write to info@mylegacybox.in mentioning your requirements.