Will vs Nomination vs Joint Holding

Estate Planning is not just Will creation - https://anchor.fm/fintoo/episodes/Estate-Planning-is-not-just-Will-creation-euhjum

Important points to consider while writing a Will - https://anchor.fm/fintoo/episodes/Important-points-to-consider-while-writing-a-Will-ev1fsa

How to ensure that our loved ones are protected even when we are not there with them? We need to make sure that they are taken care of even  after an unfortunate event of death.

Will: Will allows the testator to explicitly assign and allocate the assets to the person whom he wants to bequeath the wealth. Will should be dated, signed and should be written in a sound mind which requires the medical certificate to the effect. If there are multiple Wills then the latest one would be held as a valid and effective Will.

Nomination: Nominations are necessary in case of bank account, policies, mutual funds, Demat account etc.  In case there is no nomination or in case there is a different nominee and different beneficiary in Will, then a legal dispute arises.

Joint Holdings: In case, it is already known that an asset should go to a particular person, then it is better to have joint ownership.

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