A Settlement Deed Instead Of A Will

wealthymattersSuppose a person who owns a house, acquired out of his/her own earnings and wants to leave it to one or more of his/her children after the death of  themselves and their spouse,to the exclusion of other children, he /she has the option of executing a will or making a settlement retaining life interest. The execution of a will has its own hassles in identifying a reliable person to be the executor and involves expenses too. The will might also have  to be probated , the probate of a will is mandatory for the properties situated at Chennai, Mumbai and Kolkatta,for which court fee is to be paid.

The better option in this case would be to execute a settlement deed in favour of the children he/she wishes to leave the property to. The person can retain the life interest of residing and letting out the said property for rents and enjoying the rental benefits and other profits accruing there from during his/her life time along with the spouse. In the event of the spouse surviving after the person’s life time, the said property will devolve on the surviving spouse and he/she will be at liberty to retain the life interest of residing and enjoying the said property during their life time by letting it out for rents and receiving the rental and other benefits without having any right to alienate, encumber, and mortgage.

There are concessional rates of stamp duty and registration for settlement deeds for family members. The family members include father, mother, husband, wife, son, daughter and grand child.


Legacy Drawer

wealthymaters.comDave Ramsey talks of the Legacy Drawer.It’s a drawer that houses all of the important information your family needs in case something happens to you.It might be the last gift you will give your family, so it’s worthwhile making it a good one.

The drawer should be somewhere in your home and contain everything your spouse or family needs to know if you aren’t around—anything that has to do with your financial life should be in that drawer. You must organize it in a way that anyone can find a specific document in 30 seconds. All files should be clearly marked, in order, and easy for a grieving family member to find. There’s no need to go into extreme detail when creating your Legacy Drawer. Simply include the appropriate documents in an easy-to-understand format, and you’re good to go!

Here is a list of things your Legacy Drawer should contain :- Read more of this post

Benjamin Franklin’s Will

wealthymatters.comWhile checking up the facts of the story at http://www.crackerjackgreenback.com/the-basics/compound-interest-a-lesson-from-benjamin-franklin/ , before posting  https://wealthymatters.com/2011/01/25/benjamin-franklins-gift/  , I came a cross the text of of Benjamin Franklin’s will at  http://fi.edu/franklin/family/lastwill.html .I have highlighted the parts I found interesting and added a few observations.I plan on using this will to help me draft my own.I hope you find this will as interesting to read as I did.

 The Last Will and Testament of  Benjamin Franklin

I, Benjamin Franklin, of Philadelphia, printer, late Minister Plenipotentiary from the United States of America to the Court of France, now President of the State of Pennsylvania, do make and declare my last will and testament as follows:

To my son, William Franklin, late Governor of the Jerseys, I give and devise all the lands I hold or have a right to, in the province of Nova Scotia, to hold to him, his heirs, and assigns forever. I also give to him all my books and papers, which he has in his possession, and all debts standing against him on my account books, willing that no payment for, nor restitution of, the same be required of him, by my executors. The part he acted against me in the late war, which is of public notoriety, will account for my leaving him no more of an estate he endeavoured to deprive me of.

Having since my return from France demolished the three houses in Market Street, between Third and Fourth Streets, fronting my dwelling-house, and erected two new and larger ones on the ground, and having also erected another house on the lot which formerly was the passage to my dwelling, and also a printing-office between my dwelling and the front houses; now I do give and devise my said dwelling-house, wherein I now live, my said three new houses, my printing- office and the lots of ground thereto belonging; also my small lot and house in Sixth Street, which I bought of the widow Henmarsh; also my pasture-ground which I have in Hickory Lane, with the buildings thereon; also my house and lot on the North side of Market Street, now occupied by Mary Jacobs, together with two houses and lots behind the same, and fronting on Pewter-Platter Alley; also my lot of ground in Arch Street, opposite the church-burying ground, with the buildings thereon erected; also all my silver plate, pictures, and household goods, of every kind, now in my said dwelling-place, to my daughter, Sarah Bache, and to her husband, Richard Bache, to hold to them for and during their natural lives, and the life of the longest liver of them, and from and after the decease of the survivor of them, I do give, devise, and bequeath to all children already born, or to be born of my said daughter, and to their heirs and assigns forever, as tenants in common, and not as joint tenants. Read more of this post

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