Prepare a 'Will', which shall comprehensively deal with your wishes post your demise and provide the details in respect of all your movable and immovable assets.
I am 32 years old and I want to allocate my pension fund, insurance and savings account fund (for which nomination is there already) to be given to my 2 daughters in equal proportion when they turn 25 with the following conditions: In case if anything happens to one of them prior to attaining 25 years of age, then her share should go to the other living daughter. If both die before 25 years, then entire money should go to an NGO working for girl children. Another question, there is nomination facility in certain funds like savings account, insurance, pension funds, etc. How can we include the above conditions?
—Name withheld on request
As you have already mentioned, you have made appropriate nominationsas desired by you for your entitlements in the pension fund, insurance and savings account fund, which will come into effect upon your demise, as per the specific rules applicable to all such schemes, funds, accounts, invested in and maintained by you. However, in view of your specific requirements, it is advisable to prepare a “Will", which shall comprehensively deal with your wishes post your demise and provide the details in respect of all your movable and immovable assets, including your entitlements in all accounts, schemes, investments and the exact manner in which they are to be applied upon your demise, including your desire for application of your entitlement in the pension fund, insurance and savings account fund, held by you. We would advise you to seek legal advise on the drafting of the Will as it is imperative for a Will to not only accurately describe all your assets but also the exact manner in which you wish to bequeath your assets to your heirs, so as to eliminate any issues post your demise.
Aradhana Bhansali is partner, Rajani Associates. Queries at email@example.com
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