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What all assets are covered under Will & Will planning

A Will is an important document but knowing actually what is a Will Planning isn’t clear for everyone. There are certain assets that can be covered under a Will for the hassle-free transference of ownership after one’s demise.<br>

ramkumarjadhav
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What all assets are covered under Will & Will planning

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  1. What all assets are covered under Will & Will Planning?

  2. Planning a Will A Will is an important document but knowing actually what is a Will Planningisn’t clear for everyone. There are certain assets that can be covered under a Will for hassle-free transference of ownership after one’s demise.

  3. Property and estate All real estate, land and other properties can be included in a Will. In case of sole ownership of property, you can decide how each of these assets will be distributed after death. In case, the property is co-owned with someone, the ownership is transferred to the co-owner.

  4. Cash and accounts For those who don’t know what is Will Planning and what to include, cash accounts can also be mentioned. All bank and financial accounts such as savings account, money market accounts, cash deposits, etc. Can be included in the Will.

  5. Financial assets Investments in the financial markets such as stocks, bonds, ownership in business and other investments can also be transferred or distributed with the help of a Will post demise.

  6. Intangible property The transference of ownership of intangible property aspects such as royalties, copyrights, trademarks also come under the purview of what is Will Planning. The document can pass on ownership of all these rights to the dependents as required.

  7. Proceeds from pension plans The income received from financial plans such as pension plans, retirement plans and other investments can also be transferred to a beneficiary with the help a Will. This can also include proceeds from life insurance policies and other such policies.

  8. Personal items An individual may have accumulated several personal items over their lifetime such as jewellery, art, and other collectables that may or may not be valuable. These can also be included in the Will if desired. Including multiple assets in a Will may be overwhelming for a layman. In addition, any vagueness in the way of writing can cause problems later. For maximum clarity in what is Will Planning and how to correctly include the assets in the document, it is advisable to opt for expert legal advice.

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