30% of ultra HNIs have estate planning. Here's how you can do yours

With many corporates and rich families witnessing sibling rivalry over estates, the awareness of an efficient estate planning is increasing among ultra high net worth individuals (HNIs).

Around 30 percent of the ultra HNIs in a survey have said they have created a private trust to ensure that their estate planning is in place, a report by Kotak CRISIL has said. Only an efficient estate plan can ensure smooth succession of estate to heirs, protect the heirs against any possible disputes in future and ensure that requirements and needs of dependent and minor beneficiaries are taken care of. If you have not yet done estate planning, here is how you can do it.

Unlike the ultra HNIs, creating a trust will be not be utterly necessary for the salaried class, though many salaried do. For them,making a simple will be enough, which needs a little bit more work from your side.

There are many ways to make a will. You can simply write it on a paper, or seek a lawyer’s help or simply make it online. Portals such as Warmond.co.in and VakilNo1.com will help you make it online.

The portals mentioned above have different processes. Some may let you use their readymade draft templates of various types of wills based on your need. Of course, since these are readymade templates they may work for those who have a fairly simple succession plan. However, you cannot escape the legwork of registering the will.

With others like Warmond, you need to register with the site and make an online payment to fill in the form and write your will online. Here you also get an option to download the form, fill it and upload it at their website or send the physical copy to the website address. They then draft the will and send you a draft will via mail. Once you make changes in the draft, they will send you the final version and you can take a printout of that. This has to be signed by two witnesses and registered at the sub-registrar’s office.

For making your will online, you will have to pay anything between Rs 1,000 and Rs 10,000. If you are making the will on international portals this cost is higher – around $10-30. Using templates or online modes might work for those with uncomplicated succession plans, especially if you are sure your family will not drag you to court.

As per the report nearly 78.5 percent said estate planning is necessarily. Let us hope the salaried class realises the importance of it.