Basic Estate Planning
Estate planning is to plan how your wealth will be passed on to your next generation or whomever you wish to in a smooth and hassle-free transfer of one's assets and properties to his family members or anyone they desire. Estate Planning is a highly neglected area of financial life and the importance is learnt by people only when things go terribly wrong and they have to suffer due to this.
Nomination allows only the person to receive the monies and does not make him/her the legal owner. The same applies for joint holding.
If A is the father and B & C are his children and say if A pays money to buy some asset in which B is joint holder. Then A dies and B gets the asset transferred in his name. Does C have a say? By all means he does!! So even if now B is the legal owner C can demand a division of that asset. Hence joint holding do not solve the problem it only makes things more complicated if at all.
This establishes the need for a document be it a Will or something else. Things just cannot stay the way they are;
In simple words, a WILL is a legal document stating how your wealth should be distributed among a set of people and under what conditions. It's a way to document your wish and give a legal framework to it. Note that you can divide only those assets through a WILL that are self-acquired and earned by you. You can't give away something in a WILL if you have not earned – like ancestral property, which you got in heritance.
Preparing a Will by you on your own is relatively easy if you simply wish that after you the spouse become the owner of your assets and after the spouse has gone the children. Alternatively after you spouse and children together become owners of the asset/s. Complication comes in when you want to do a valuation and projection of your assets over years, you wish to distribute unequally and where you wish to specify things to be done (e.g. create a trust) when you are gone. Complications also arise where you want to distribute to a number of people / organizations for charity etc. This also increases the duties and responsibilities for the executor.
This is where professional help may be a good idea.