It is the well known fact that one cannot take wealth with them after their death. But one can plan how the wealth has to be distributed with families. The accumulation of wealth is a joint venture and the death of one member in the group or family will cause a little problem with regard to the ownership of the wealth. Everything the person owns, at the time of death is legally part of diseased persons wealth. It may include the savings, bank accounts, stock and bonds, shares, real estate etc. Hence, planning for distribution of wealth is most essential component of accumulation of wealth. A will is a planned distribution and disposition of a person’s property after his or her death. The will has no legal effect while the person is alive and it can be changed at any time, by a person legally.
Participants