Draft a financial will to protect heir's assets

Many families in India have unclaimed financial assets. This includes old bank deposits, share certificates, and provident fund balances. Experts estimate that around Rs 1.05 lakh crore in assets is unclaimed. Often, this happens because heirs do not know these assets exist or lack proper documentation. A financial will can help prevent these issues. It is a legal document that outlines how your financial assets should be divided among your heirs after your death. A well-prepared will can reduce disputes and ensure a smooth transfer of assets. To create a financial will, start by listing all your financial assets. Include bank accounts, investment portfolios, real estate, and digital assets. This will give a complete picture of what you own. Next, identify your beneficiaries. Clearly specify who will inherit your assets and what percentage each person will receive. It is also important to appoint an executor, someone you trust to carry out your wishes. Make sure to update nominee details for bank accounts and insurance policies. Joint ownership can simplify asset transfer. Proper documentation is crucial. Keep records of investments, property papers, and tax filings to make it easier for your heirs. While registering a will is not required, it gives your will greater legal strength. Periodically review and update your will to reflect changes in your financial situation or beneficiaries. Communicate with your family about the financial will and its location. Be mindful of tax implications when distributing assets. Avoid using unclear language in your will to minimize disputes. Consulting a financial planner or lawyer for advice is beneficial. By taking these steps, you can secure your family’s financial future and prevent your investments from going unclaimed.