Estate Planning is not just about making a will
The primary purpose of estate planning is to protect, preserve and manage the assets. Timely succession and estate planning is a key to hassle-free future for one and family.
Will
The term will is defined under "Section 2(h) of The "Indian Succession Act, 1925" and means the legal declaration of the intention of the testator with respect to his property which he desires to be carried into effect after his death. A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his estate and provides for the transfer of his property at death. A will may be written on a plane piece of paper by a person of sound mind is legally admissible.
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Power of Attorney (POA) is a legal arrangement which authorises other person to act on one's behalf.
A trust is used in place of will to transfer the ownership of financial assets where direct or immediate transfer is not possible due to certain reasons and the purpose is to protect the interests of the beneficiaries.
Gift is also a mode thorough which the wealth can be transferred to the legal heirs or the intended person, the only difference being that the person will have to give the gift during his lifetime. Gift being received is exempted from tax to the limit of Rs 50,000 under the provisions of Income Tax Act, 1961. However, gift received from relatives at the time of wedding is exempt from tax.