Legacy Builder – Plan your family’s future

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.

• 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.