Is nomination enough? Especially if nominee is a minor?

🗒️ Let Us Review Your Current Succession Status

 

As an independent woman in India, you've worked tirelessly to build your wealth and secure your family's future. But have you considered what happens to your assets if you're no longer around? Is simply nominating your child enough to ensure a smooth transition? The answer is, unfortunately, no. Let's explore why comprehensive estate planning is essential and how Goalstox, through our tie-up with expert lawyers, can help you achieve it.

 

🌟 The Limitations of Nominations

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Nominating your child as a beneficiary on financial accounts and insurance policies is a good start, but it's not sufficient. Nominations can sometimes be contested in court, and they don't always cover all types of assets. Additionally, without a proper will or trust, your estate might face lengthy legal procedures, causing unnecessary stress and delays for your loved ones.

 

🔍 Why Comprehensive Succession Planning is Essential

 

Avoiding Legal Complications: A robust estate plan ensures your wishes are honored without legal disputes. This includes creating a will, setting up trusts, and detailing your assets and their distribution.

 

Ensuring Financial Security: Proper planning safeguards your child’s financial future, preventing potential mismanagement of inherited wealth.

 

Minimizing Taxes: Strategic estate planning can help reduce the tax burden on your heirs, preserving more of your hard-earned money for them.

 

Protecting Minor Children: If you have young children, a will allows you to designate guardians, ensuring they are cared for by someone you trust.

 

🛠️ Steps to Effective Estate Planning

 

Inventory Your Assets: List all your assets, including property, investments, savings, and personal belongings.

 

Draft a Will: Clearly state how your assets should be distributed and appoint an executor to manage your estate.

 

Set Up Trusts: Consider creating trusts to manage and protect your assets, especially for young children or dependents.

 

Consult an Expert: Work with a qualified estate planning attorney to ensure your documents are legally sound and up-to-date.

 

At Goalstox, we understand the unique challenges faced by independent women when planning their estate. That's why we have partnered with experienced lawyers* to guide you in creating a proper succession plan that reflect your personal and financial goals. 

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📞 Let's Secure Your Child's Future Today

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Make sure in case of any eventuality, your child or loved ones do not have to go through hassles. Contact us today for a review of your portfolio and estate planning status. Ensure your child’s future is secure and hassle-free. Reach out to us for a review.

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You can then consult your lawyer, or let our empaneled lawyer guide you.

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*While general consultation is free, any specific consultation may be charged by the lawyers directly. Goalstox does not take any fee or renumeration for this service. We DO NOT take any referral fee or any other sort of renumeration.