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ESTATE PLANNING: POINTS TO KEEP IN MIND WHILE MENDING A WILL
If a new will is being made, the testator must review his earlier bequests and if required, modify or retain the same in the new one so that there is no ambiguity between the two. A will is a legal declaration of the intention of a testator with respect to his property. If a person dies without making a will, he is said to have died “intestate” and in such a case, his property is inherited by his heirs in accordance with laws of succession. If the contents of the will need to be changed due to a change of circumstances, it can be done either by a codicil (addendum) to the existing will or by completely replacing the will. However, the following points should be kept in mind while changing a will. REVOCATION OF OLD WILL While making a new will or codicil, the testator should mention about earlier ... Read More
5 Reasons Why You Should Invest While You Are Young (Start Early)
Investing early not only helps you plan your long term goals, but also gives you the advantage of taking more risks. Following are the 5 main reasons that will explain why you should start investing when you are young. 5 Reason Why You Should Invest While You Are Young: Reason 1: You Can Start Small One can invest in mutual funds with as less as Rs 500 and gradually increase the amount. A small part of your salary, stipend or pocket-money will go a long way if invest in mutual funds early. Reason 2: Improve Your Spending Habits Investing while you are young enables you to develop the habit of disciplined spending. Reason 3: Power of Compounding Earlier you start, greater is the Power of Compounding since you stay invested for a long time. Reason 4: Accumulate A Larger Corpus Amount When ... Read More