Plan My Estate (https://planmyestate.in/contact/) offers specialized estate planning and will writing services through a B-to-B-to-C model, working closely with leading MFDs to offer tailored estate planning services to their clients.
After working with leading Mumbai based MFDs including Nikhil Naik, Sanjay Khatri, Vinod Jain, Nitin Vete and several others as well as serving the entire NJ network, Plan My Estate is now looking at collaborating in a similar way with MFDs across the country.
Shailendra and Ravi have conducted numerous face-to-face as well as virtual sessions for MFDs clients, sensitizing them about the need to think about smooth transfer of assets to the next generation and the dos and don’ts when going through this process.
Most investors don’t realize that in the event of their untimely death, if they have not written up a will, their assets will not automatically go to their spouse – rather (if they are Hindus), it would be divided equally among all beneficiaries which will include spouse, children and also their widowed mother – and from her, to potentially other branches of the family.
Opting for an online will writing service may appear convenient for the investor, but more often than not, they land up creating complications for their survivors in their effort to seek convenience for themselves. Simple mistakes in basics like choice of witness and executors can create many complications down the road for the beneficiaries.
A key estate planning consideration for most families in large metros revolves around the house – often the most valuable of assets to be transferred. A choice of gifting when still alive vs passing it on through a will has many angles that need to be carefully explored in each individual case.
Estate planning for parents whose children are NRIs has different dimensions that need to be factored in, including inheritance tax laws in the countries the children reside in.
For MFDs, offering estate planning services is not just a “nice thing” to do, but can be a big step towards increasing wallet share from clients, as they can now get more insight into their clients’ overall balance sheet.
It is quite typical for investors to put off writing a will to another day – there is no sense of urgency. This is where the MFD can play a key role in helping them understand the pitfalls of procrastination and the need to seek professional guidance without further delay.