How to Protect Assets from Being Passed to a Beneficiary in a Will

When someone is likely to die soon, ensuring that their assets are protected from being passed to beneficiaries via a will can be crucial. Whether you are making a will on plain paper or formally registering it, several steps can be taken to safeguard your assets. This article will explore different methods for protecting assets, including making a will, making official nominations, adding beneficiaries to deeds, and having custody of physical assets.

Creating and Registering a Will

Creating a will on plain paper is a simple and straightforward process. However, for legal validity and to avoid potential challenges, it’s advisable to have a will notarized. A will can be officially registered at the stamp office with minimal charges to make it legally binding. Here are the essential steps:

Notarization: A will can be notarized by a Notary Public with the presence of two witnesses and your personal family doctor. This process ensures that the will is authentic and reflects your true intent. Registration: Register the will at the stamp office to make it official and legally valid. Handover: Hand over the original will to the intended beneficiaries and provide copies to close relatives and friends.

It's important to note that wills can be legally challenged if there are doubts regarding the validity or due process during signing. Ensuring that the will is properly notarized and registered can help prevent such challenges.

Alternative Measures for Asset Protection

While creating a will is a common method, there are alternative measures that can be taken to protect your assets:

Making Official Nominations

One effective alternative is to make official nominations for all your assets. This involves specifying the beneficiary for each asset directly. By doing so, you can bypass the probate process and ensure that your assets are transferred smoothly to the nominated person.

Bank Accounts: Register as the nominee in all bank accounts and keep a bank-endorsed copy with you for easy access. Real Estate: Consider transferring ownership deeds temporarily or amending them with a suitable deed to include beneficiaries as joint owners. This ensures that the property can be easily transferred to the beneficiaries when you pass away.

Adding Beneficiaries to Ownership Deeds

An effective way to avoid delays and complications after your death is to add your intended beneficiaries to the ownership deeds. This can be done by amending the deeds with a suitable deed to include the beneficiaries as joint owners. When the time comes, the remaining joint owner can easily transfer the ownership to the other beneficiary without any legal hurdles.

Ensuring Physical Custody of Assets

Having physical custody of all your assets is paramount. Here are some steps to ensure that your assets are secure and accessible:

Bank Accounts: Register as the nominee in all bank accounts and keep a bank-endorsed copy with you for easy access. Financial Instruments: Keep important documents, such as stocks, bonds, and other financial instruments, in a secure location. Real Estate: Store deeds, keys, and important documents related to property in a secure place, preferably with a trusted friend or family member.

By following these measures, you can ensure that your assets are protected and will be transferred to the intended beneficiaries with minimal hassle.

Conclusion

Protecting your assets from being passed to beneficiaries in a will is essential, especially when you are likely to pass away soon. By creating a will, making official nominations, adding beneficiaries to ownership deeds, and ensuring physical custody of your assets, you can rest assured that your wishes will be respected and that your legacy will be preserved.

For more detailed advice on legal and financial planning, it's advisable to consult with a qualified attorney or financial advisor.