Different Kinds of Wills

Wills are an important part of the financial planning process. A will is a legal declaration that spells out a person’s wishes and intentions in matters of care of dependents or inheritance of property after his or her own death. Here is an article on the different types of wills.

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A person who dies without a will, intestate in legal terms, will have his or her property distributed as per the applicable succession law. To avoid this ‘default’ way of distribution, a will gives you full control over how your assets should be distributed. There is a common belief that a nomination on assets is sufficient in case of intestate death. But that is not true. A nominee is only a custodian of the asset and does not earn any ownership right over the deceased’s property. This does not mean that a nomination is useless. A nominee’s role is to represent the deceased owner of the properties and facilitate transfer of his assets to its rightful owners. Therefore, a nomination and a will are the two essential parts of estate transfer.

1. Privileged and Unprivileged Wills