Is a will mandatory in India?

A will is not legally mandatory, but dying intestate (without a will) means your assets are distributed per the Hindu/Indian Succession Act, which may not match your wishes. The legal process for heirs to claim assets without a will is significantly more time-consuming and expensive.

Is nomination the same as inheritance?

No. A nominee is a custodian, not the owner. The nominee holds assets temporarily until they are distributed per the will or succession law. If your MF nominee and will beneficiary are different, the will takes precedence. Your CFP ensures nominations and will are aligned.

Do I need a trust if I already have a will?

For most people, a will is sufficient. Trusts are useful for HNIs who want to: (a) protect assets from potential disputes, (b) control distribution to minors over time, (c) manage assets for dependents with special needs, or (d) achieve tax planning objectives. Your CFP advises based on your specific situation.

Is there inheritance tax in India?

No, India does not currently have an inheritance tax or estate duty (abolished in 1985). However, income earned from inherited assets is taxable, and capital gains on inherited assets use the original owner's cost of acquisition. Your CFP ensures heirs understand the tax implications.

Estate Planning & Wealth Transfer by CFPs | Finamize

Ensure your wealth transfers smoothly to the next generation. A CFP helps with will preparation, nomination reviews, trust guidance, and succession planning.

FPSB

CERTIFIED PLANNERS

Fiduciary

STANDARD OF CARE

360°

HOLISTIC PLANNING

3yr

MIN EXPERIENCE

Why Finamize

Why Choose Finamize

Will Preparation Guidance

Your CFP guides you through the will preparation process — listing assets, naming executors, specifying bequests, and ensuring the will is legally valid under Indian Succession Act.

Nomination Audit

Review nominations across all financial assets — bank accounts, FDs, MFs, demat, insurance, PPF, NPS. Ensure nominations are consistent with your will and up-to-date.

Trust Structure Guidance

For HNIs, your CFP advises on trust structures for tax efficiency, asset protection, and controlled wealth distribution to minors or dependents.

Family Discussion Framework

Your CFP helps facilitate conversations about money and inheritance within the family — often the hardest but most important part of estate planning.

How It Works

Get Started in 3 Steps

Asset Inventory

Create a comprehensive list of all assets — financial, physical, and digital. Include account numbers, nominees, and current values.

Planning & Structure

Your CFP reviews your family situation and recommends the right estate planning structure — simple will, trust, or a combination.

Documentation & Review

Work with your CFP (and a lawyer for will drafting) to create and register the necessary documents. Review and update annually.

Regulatory Framework

FAQ

Frequently Asked Questions

Plan Your Estate

Work with a CFP to ensure your wealth is protected and transfers smoothly. Will guidance, nomination review, and succession planning.