Without a Will:
- Succession laws determine distribution
- May not match your wishes
- Family disputes likely
- Delayed asset transfer
- Court involvement possible
- Unwanted heirs may inherit

Take Action:
- Create a will now
- Cover all assets
- Update regularly
- Register if desired
- Inform family

"I'll do it later"
- But accidents happen suddenly

"I don't have much"
- Even small estates cause disputes

"Family will figure it out"
- They often can't or won't

"I'm too young"
- Any adult with assets needs a will

Old Will May:
- Exclude new assets
- Include sold assets
- Name deceased beneficiaries
- Not reflect family changes
- Use outdated laws
- Create confusion

Changes Not Reflected:
- Marriage after will
- Divorce after will
- Birth of children/grandchildren
- Death of beneficiaries
- New property purchases
- Sold properties
- Changed relationships

Review Will:
- After any major life event
- At least every 3-5 years
- When laws change
- When asset base changes
- When relationships change

Misconception:
"Nominee becomes owner"

Reality:
Nominee is just trustee
Legal heirs are true owners
Nomination ≠ Ownership transfer

Family Disputes When:
- Nominee claims ownership
- Heirs demand their share
- Different nominees in different accounts
- Nominee not part of family
- Multiple nominations conflicting with will

Understand That:
- Nominations are for convenience
- Will overrides nomination for ownership
- Update both nomination AND will
- Align nominations with will intent
- Explain to family

If Both Parents Die:
- Who raises children?
- Court decides (may not be your choice)
- Custody battles possible
- Delays in care
- Child's interests may suffer

In Your Will:
- Name guardian for children
- Name alternate guardian
- Discuss with chosen guardian
- Provide for guardian's expenses
- Create trust for children's assets
- Write letter of intent

Digital Assets Forgotten:
- Online bank accounts
- Investment platforms
- Cryptocurrency
- Email accounts
- Social media
- Digital photos/documents
- Subscriptions
- Domain names

Without Planning:
- Assets lost forever
- Cannot access accounts
- Cryptocurrency unrecoverable
- Memories lost
- Ongoing charges continue
- Security risks

Create Digital Inventory:
- List all accounts
- Secure password storage
- Grant access to trusted person
- Include in will
- Update regularly

Joint Ownership Issues:
- Adding children to property for "convenience"
- Unequal contributions undocumented
- No exit strategy
- Creditor exposure
- Tax complications
- Capital gains issues

Adding Child to Property:
- Gift tax implications
- Child's creditors can attach
- Child's divorce affects property
- Cannot remove easily
- Other children excluded

Better Alternatives:
- Will the property instead
- Create proper trust
- Document ownership clearly
- Understand implications
- Consult professional

Without Incapacity Planning:
- Who makes medical decisions?
- Who manages finances?
- Court appoints guardian
- Expensive and slow
- May not be your choice

Create:
- Power of Attorney (financial)
- Healthcare proxy
- Living will/advance directive
- While you're healthy
- With trusted individuals

Unequal Distribution Causes:
- Family fights
- Will contests
- Relationship damage
- Misunderstandings
- Hurt feelings

May Be Justified:
- Special needs child
- Caretaking rewards
- Prior gifts to others
- Business involvement
- Financial circumstances differ

If Treating Unequally:
- Explain your reasoning
- In a letter (not will)
- Or discuss while alive
- Document the reasons
- Reduce surprise

Triggers Ignored:
- Marriage: Spouse not included
- Divorce: Ex-spouse still in will
- Birth: New child excluded
- Death: Deceased still named
- Property: New assets not covered

Results:
- Unintended beneficiaries
- Intended heirs excluded
- Legal challenges
- Family disputes

Update After:
□ Marriage
□ Divorce
□ Birth of child/grandchild
□ Death of beneficiary
□ Major asset purchase/sale
□ Business changes
□ Relocation
□ Health changes

Self-Made Wills May:
- Use wrong language
- Be ambiguous
- Miss assets
- Not meet legal requirements
- Create interpretation issues
- Fail to achieve intent

Mistakes:
- Improper witness signatures
- No attestation clause
- Unclear language
- Conflicting provisions
- Missing assets
- Wrong legal terminology

Professional Help For:
- Large or complex estates
- Business interests
- Blended families
- Special needs beneficiaries
- Tax planning
- Cross-border assets

Simple Estates:
- Use reliable templates
- Understand requirements
- Have lawyer review

Tax Mistakes:
- Gift tax not considered
- Capital gains implications
- Income tax on inheritance
- Stamp duty costs
- HUF opportunities missed

Examples:
- Gifting property without understanding tax
- Not using 54/54F exemptions
- Ignoring indexation benefits
- Not planning around HUF
- Wrong timing of transfers

Consider:
- Tax-efficient asset transfer
- Gift during lifetime vs. inheritance
- Timing of property transfers
- HUF planning
- Consult CA for large estates

Debts Not Addressed:
- Who pays outstanding loans?
- Insurance to cover debt?
- Secured vs. unsecured
- Impact on inheritance

Results:
- Estate depleted by debts
- Property may need to be sold
- Beneficiaries get less
- Disputes over who pays

Plan For:
- Life insurance to cover debts
- Specify in will
- Inform family of debts
- Pay down where possible

Ignoring:
- Sibling rivalries
- Caretaker expectations
- Distant family members
- Previous gifts
- Family business complications
- Second marriage issues

Results:
- Contested wills
- Broken relationships
- Expensive litigation
- Delayed distribution
- Emotional damage

Consider:
- Family relationships realistically
- Have difficult conversations
- Be fair (not necessarily equal)
- Explain decisions
- Mediate while alive

All Eggs in One Basket:
- Only one executor
- Only one person knows location
- Single copy of will
- One lawyer/advisor
- One bank/institution

If That Person/Entity:
- Dies
- Becomes incapacitated
- Is unavailable
- Goes out of business
- Plan fails

Create Redundancy:
- Name alternate executor
- Multiple people know plan
- Multiple document copies
- Backup professionals
- Diversify institutions

Family Doesn't Know:
- Will exists
- Where documents are
- Who is executor
- What to expect
- Your wishes
- Key contacts

Results:
- Documents not found
- Wishes not followed
- Conflicts from surprise
- Missed assets
- Delayed action

Communicate:
- Tell family will exists
- Share executor information
- Discuss general wishes
- Document location shared
- Key contacts provided
- But details can be private

Delaying Because:
- "Not urgent"
- "Too complicated"
- "Too expensive"
- "Uncomfortable topic"
- "Will do later"

Unexpected Events:
- Accidents happen
- Illness strikes suddenly
- Incapacity without warning
- Death at any age
- Family suffers from delay

Start Today:
- Begin with inventory
- Draft simple will
- Update nominations
- Organize documents
- Improve over time

Top 16 Mistakes:
1. No will
2. Outdated will
3. Nomination confusion
4. No guardian for minors
5. Ignoring digital assets
6. Joint ownership errors
7. No incapacity planning
8. Unexplained unequal treatment
9. Not updating after life events
10. DIY without understanding
11. Ignoring tax implications
12. Forgetting debts
13. Ignoring family dynamics
14. Single point of failure
15. Not communicating
16. Procrastination

To Avoid Mistakes:
□ Create will now
□ Review every 3-5 years
□ Update after life events
□ Align nominations with will
□ Name guardians for children
□ Include digital assets
□ Document joint ownership
□ Create POA
□ Explain decisions
□ Consider taxes
□ Address debts
□ Name alternates
□ Communicate basics
□ Get professional help
□ Act now