Proceed Legal

06/12/2022

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08/09/2022

Your estate is the collection of everything you own — money, property, and other personal belongings. No matter how much you own, those things will need to go somewhere after you pass away. That’s where estate planning comes in.

Importantly, an estate plan also describes the kind of care you want should you become incapacitated (unable to care for yourself), and who will handle your affairs if you can’t. This is an important thing to plan for no matter how much money you have.

Who needs an estate plan
Everyone should have an estate plan. If you own anything of value, you will need a plan for how to pass it on.

4 Common Estate Planning Myths

Myth 1: I’m young so I don’t need to worry about it
Even someone who’s 30 will probably have multiple bank accounts, a retirement account, debts, and personal property that needs to go somewhere should they die.

Myth 2: I don’t need a plan since my spouse just gets everything
Even if you’re married, you and your spouse should each have a plan.
There are also unique situations: what if your spouse dies before you or soon after you? Things could get messy if neither of you has a written plan. At the very least, a clear plan will reduce the number of decisions your spouse and loved ones have to make while they’re grieving.

Myth 3: My family will know what to do
While we like to think that our family and friends will follow our wishes after we pass away, it’s hard to guarantee that without a legal document instructing them on what to do.

Myth 4: Once I create a plan, I’m done
Regularly check your list of beneficiaries and make sure that all your documents still reflect your current wishes.

For legal consultation / advice /discussion, you can get in touch with our team at Proceed legal Contact # 8810522553, Email – [email protected]

Legal

04/09/2022

What should everyone know about estate planning?

For any succession plan to achieve it's intended objective, it must be well consulted between family members, thought through in detail, appropriately documented and effectively actioned. Typically, the key essentials of a good succession plan are honest and transparent communications, segregation of economic succession and management succession, a collaborative approach driven by a win-win objective, and robust documentation.

Over the years, families have typically adopted various practices for succession planning. These can broadly be classified into 3 modes: 1. Wills, 2. Use of Trust Structure, and 3. Family constitution.

For more details read the article:

In the circle of life and death, death is inevitable and thus succession is certain. If the b

29/08/2022

If having an Estate Plan brings safety, certainty, and confidence, Why do people put off planning?

The most common reason is 'fear'. Fear of the unknowns about the process. Fear that the cost will be high. Fear that they might make a “mistake” that will embarrass them in the future.

Another reason I have found is a 'lack of knowledge'. People don’t know who to talk to or where to start the process. I also find that a lack of education/understanding will inhibit people from planning.

Many people aren’t aware that Estate Planning is for everyone or what Estate Planning is for. Finally, people may unintentionally put themselves in a position where they don’t have a plan due to lack of maintenance of a previous plan.

For legal consultation / advice /discussion, you can get in touch with our team at Proceed legal Contact # 8810522553, Email – [email protected]

25/08/2022

“ By failing to prepare, you are preparing to fail.” – Benjamin Franklin

If having an Estate Plan brings safety, certainty, and confidence, why do people put off planning?

The most common reason is fear. Fear of the unknowns about the process. Fear that the cost will be high. Fear that they might make a “mistake” that will embarrass them in the future.

Another reason I have found is a lack of knowledge. People don’t know who to talk to or where to start the process. I also find that a lack of education/understanding will inhibit people from planning.

Many people aren’t aware that Estate Planning is for everyone or what Estate Planning is for. Finally, people may unintentionally put themselves in a position where they don’t have a plan due to lack of maintenance of a previous plan.
Once an Estate Plan is established, it should be updated and maintained every 5 years.

5 W’s of ESTATE Planning

1. Who do You plan for?
Family ; Most people desire to pass on the estate they worked their whole life to achieve to their family as efficiently and effectively as possible.

2. What do YOU plan for?
Unfortunately, you are planning for the inevitable end of your life. You are also planning for your incapacity should you fall into a state where you can no longer care for yourself , by putting specific directives of your wishes for the care of yourself, of your estate and even your pet.

3. When do YOU plan for?
Yesterday!!! But that is not a possibility, so let’s do the next best thing and begin to plan NOW. There is no guarantee of tomorrow.

4. Where do YOU plan for?
Right here! With the legal guidance and financial guidance we combine to craft the perfect plan for you based on the needs and desires you express to us.

5. Why plan?
Having a plan will help to avoid conflict. Additionally, placing your estate in a trust will remove the need for probate court, saving money and time for your family

For legal consultation / advice /discussion, you can get in touch with our team at Proceed legal Contact # 8810522553, Email – [email protected]

22/08/2022

The truth is that since the birth of mankind, people have been wisely making estate plans. Meanwhile, the reality is that an estate plan can give you peace of mind while you’re here – and make sure your loved ones are protected once you’re gone.

Here are some fun and interesting facts about estate planning:

1. The shortest known wills are only three words long, reading, “ all to son ” and “ all to wife .”

2. The record for the longest will ever probated is 1,066 pages and 95,940 words and is held by Frederica Evelyn Stilwell Cook .

3. The “Will of Uah” is the oldest known will in the world. The document was found in Egypt and dates back to 2548 B.C. In it, the testator leaves all property to his wife, Teta.

4. Living wills , which allow people to control their end-of-life medical treatment , are a recent estate planning mechanism. California became the first state to allow living wills in September 1976.

For legal consultation / advice /discussion, you can get in touch with our team at Proceed legal Contact # 8810522553, Email – [email protected]

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17/08/2022

Power of Will : Succession planning and the Indian Woman

There is no denying the fact that traditionally, in India, succession planning is looked upon as a fiefdom of males. There are still communities and regions where it is given that the assets would be bequeathed only to the male heirs. A woman does not get anything and hence never thinks about making a will or do her own share of succession planning.


Did you know that a Supreme Court judgement in 2020 clarified that women have an equal right in the assets of their father’s and husband’s Hindu Undivided Family (HUF)?

For More Details, you can get in touch with our team at Proceed legal
Contact # 8810522553, Email – [email protected]



Read more at:

https://economictimes.indiatimes.com/markets/bonds/will-power-succession-planning-and-the-indian-woman/articleshow/82876449.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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12/08/2022

Yes , A " Will " once made can be revoked or altered by the the maker, as per Indian Succession Act 1925. The methods of the same given below .

Fore more details, contact our team at Proceed legal.

Can a Will Once made be revoked or Altered ? Yes, A Will can be altered or revoked by its maker anytime, it is provided under Section 67-73 of the Indian...

08/08/2022

A Will does More than Distrbute Property !!

04/08/2022

A Cautionary Tale :

Prince Died Intestate:

When Prince died in 2016 without a will or any estate plan, leaving behind $156 million without any direction of who should receive his property, his sister and half-siblings became the heirs apparent. (Prince had no living parents, spouse, or children.)

Is this what he would have wanted?

There's no way to know, of course. But it's unlikely he would have wanted his property to be the subject of litigation for many, many years.

Most people want to distribute their property differently than the state would distribute it. For example, many people want to leave gifts to friends, neighbors, non-spouse partners, schools, and charitable organizations—and intestate succession does not allow for any of that.

If you want other people or organizations to inherit your property, or if you want to decide the proportions of your gifts, a will can make sure your wishes are followed.

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01/08/2022

What and Why of Will :

(2) A Will Prevents Intestate Succession

When a Person dies without a Will or other estate plan, state laws known as "intestate succession laws" decide which family members will inherit the estate and in what proportion. In most states, the laws specify that the spouse and children take priority.

Most people want to distribute their property differently than the state would distribute it. For example, many people want to leave gifts to friends, neighbors, non-spouse partners, schools, and charitable organizations—and intestate succession does not allow for any of that.

If you want other people or organizations to inherit your property, or if you want to decide the proportions of your gifts, a Will can make sure your wishes are followed.

For More Details, you can get in touch with our team at Proceed Legal Contact # 8810522553 or [email protected]

Send a message to learn more