Karan was an artist and author of international repute. People continue to read his books and enjoy his work online after his untimely demise. In fact, his popularity shot up after his death.
Akshay was a successful professional showing promise of a bright future. But the coronavirus disease took its toll, and he departed from the world a little too soon.
The common mistake that both made was not treating estate planning as a part of financial planning, and not writing a will.
WHAT HAPPENED AFTER THEY MOVED ON?
Karan’s family was not aware of the commercial value of his work, and the exact location of all his artworks. They did not know how royalty on his work had to be claimed. His daughter-in-law locked a portion of the house and his studio forcefully and moved out the precious artwork. There were social connections who owned something given as a gift, and benefited by selling it. Yet, his wife did not get a penny from his intellectual property.
Akshay had nominated his wife in all accounts. But since he died intestate, his parents and children applied for a succession certificate and got equal shares, after settling the debt. He was paying instalments on a home loan, and a personal loan taken for his daughter’s wedding. His wife got 15% of the total assets, which was not enough for her sustenance, in case other family members failed to take care of her.
Both Karan and Akshay had taken life insurance for certain amounts, but estate planning was needed to cover the full extent of their owned financial assets and other possessions.
Online real estate ensures that our identity, our ideas, our creativity and our philosophy remain alive, even after we have moved on to other realms.
Our social media accounts will continue forever if nobody has the password to go and delete the account.
Videos ensure that our physical form and voice exist in realms, beyond the memory of loved ones.
If there is so much to make you immortal, why would you leave your wealth at the disposal and intent of others? The legal advantage of one person can be at the cost of someone else you loved.
A will is the final statement of values you have lived by.
A will is not just a letter of intent, but legally binding on all stakeholders. It ensures that your authority reigns supreme even after you die.
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WHY IS ESTATE PLANNING NOT A PART OF YOUR FINANCIAL PLAN?
Do you think writing a will is complex, and should be done only in the sunset years of life?
Do you think only the rich should write wills, and nominations/joint ownership are enough for the average person?
Do you think that the legalities surrounding a will cost a lot?