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Legacy Builder –
Plan your family’s future
Learn wills, trusts, executors, beneficiaries and more through 5 random questions with hints and detailed explanations — all private, free, in your browser.
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Legacy Planning Quiz5 random questions · India-focused estate planning
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Real-life example: Raj & AnjaliHow legacy planning protects Indian families
Raj (45), a Mumbai entrepreneur with two young children, needs to ensure assets pass smoothly to his family. Anjali (38), a Bengaluru software professional, needs to set up a trust for her differently-abled brother’s long-term care.
- Wills: Raj learns a will must be signed by two witnesses and can name a guardian for his minor children — demystified through the quiz’s questions.
- Trusts: Anjali discovers a trust can hold assets during her lifetime, avoid probate, and continue after death — ideal for her brother’s care. Use the Wealth Wallet to track assets.
- Executors & Power of Attorney: Raj learns he needs an executor (his elder sister) and a durable power of attorney in case of incapacity.
- Beneficiaries: Anjali learns to name contingent beneficiaries for her retirement accounts — they override wills. Track investments in the Investment Wallet.
- Tax implications: India has no inheritance tax, but income from inherited assets is taxable per slab — a key insight from the quiz.
- Hints & explanations: When stuck, Raj uses hints to understand “probate” and “pour-over will”. Anjali benefits from in-depth explanations after each answer.
- Progress tracking: The score and streak motivate both to complete all five questions, reinforcing learning through repetition.
Legacy planning best practices for India
- Draft a will: Even with modest assets, a will names guardians for minor children and prevents family disputes.
- Consider trusts: Trusts avoid probate, protect privacy, and provide for beneficiaries with special needs. Track your assets in Wealth Wallet.
- Name beneficiaries: For insurance and retirement accounts — they override your will. Update after every major life event.
- Durable power of attorney: Appoint someone to manage finances and healthcare if you become incapacitated.
- No inheritance tax: India abolished estate duty in 1985. However, income generated from inherited assets is taxable per your slab rate.
- Gift tax rules: Gifts from relatives are tax-free. From non-relatives, amounts above ₹50,000 may be taxable in the recipient’s hands.
- LTCG on inherited assets: The cost of acquisition is the original owner’s cost — key to calculating capital gains tax correctly.
- Communicate: Tell your executor and family where documents are stored. A plan no one knows about is no plan at all.
- Review every 5 years: Or after major life events — marriage, children, property purchase, business formation.
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Read →Frequently asked questions
wills
trusts
inheritance tax
executor
beneficiary
power of attorney
guardian
probate
📜 Wills & Trusts
A will specifies how your assets are distributed after death. Without one, intestacy laws apply — which may not match your wishes and can cause family disputes. Even with modest assets, a will can name a guardian for minor children. Learn more with the Legacy Builder Quiz.
A will takes effect after death and goes through probate (a public legal process). A trust can manage assets during your lifetime, avoids probate, provides more privacy, and can continue after death. Trusts are especially useful for beneficiaries with special needs.
Under the Indian Succession Act, a will must be signed or marked by the testator in the presence of at least two witnesses, who then attest and subscribe to the will. Witnesses should not be beneficiaries. Per the Ministry of Law and Justice, Government of India.
🏦 Taxes & Inheritance
No. India abolished estate duty in 1985. However, income generated from inherited assets (rent, dividends, interest) is taxable as per your income slab. Track your inherited assets in the Wealth Wallet.
There is no standalone gift tax. However, gifts from non-relatives exceeding ₹50,000 in a financial year are taxable as income in the recipient’s hands. Gifts from relatives (as defined under the Income Tax Act) are fully exempt.
👥 Beneficiaries & Guardians
Anyone — spouse, children, grandchildren, charities, or trusts. Name them clearly and specifically in your will or trust. Also name contingent (backup) beneficiaries in case the primary beneficiary predeceases you.
Name a guardian in your will. Ensure they consent beforehand — discuss responsibilities openly. Courts will respect your named guardian unless there is a compelling reason not to. If both parents die without naming a guardian, courts decide.
⚡ Executors & Power of Attorney
The executor administers your will — collecting assets, paying debts, filing taxes, and distributing the estate to beneficiaries. Choose someone organised, trustworthy, and ideally younger than you. They can be a family member or a professional.
A durable power of attorney (DPOA) authorises someone to act on your behalf — financially or medically — if you become incapacitated. Unlike a regular POA, it remains in effect even if you lose mental capacity. Essential for any adult with assets or dependants.
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