IIFL Securities, one of the leading providers of broking, financial products distribution, institutional research and investment banking services today said that it has launched ‘will services’ to cater to the increased demand for inheritance management among India’s growing medium and high net worth individuals.
A will is a legal document in writing, signed in the presence of 2 witnesses. It contains information about an individual’s family, wealth, assets and properties. It specifies the distribution wishes of an individual very clearly.
IIFL Securities provides end-to-end will services which spans across the domains of awareness creation, succession planning, drafting, custodianship, executorship, litigation. The will service offered by IIFL Securities starts at just Rs. 2,999 and this can be created online in a short period of time.
Will should be created by those seeking to fulfil specific family needs of the family such as education, marriage etc.; parents having kids with special needs; people looking to plan for business succession; individuals looking to park large sums of money for charity and non-resident Indian (NRI) s who own Indian assets. Will is also essential to prevent any claims on assets from creditors.
Different types of wills include – family trust, joint will, online and customized will and concurrent will (for NRIs). Registration of a Will is not mandatory. A will simply signed by two witnesses is a legal will. By registering their will, individuals make the government the third witness of the will and the chances of challenging the authenticity of the will by the family members and relatives in the future is minimized.
Suvajit Ray, Head of Products and Distribution at IIFL Securities said, “absence of a will can lead to unnecessary and infinite legal hassles, delays and mental trauma. History is full of instances where lack of a will has soured ties between brothers and families. Will is essential because nomination is just partial succession. Even when assets are in joint ownership, in case of demise of one owner, the ownership does not automatically get transferred 100% to the other holder.”
