A couple with Rs 4 crore of assets and a four-year-old child have no wills, and their nominations still name parents and siblings. What must their wills cover, and which nominations need changing?

Each needs a will naming an executor, the spouse and then the son as heirs, a guardian for the son, a trust or similar holding for his share, and a clause for both dying together. Every nomination should then be changed to match: the funds, provident fund and PPF from parents or a sibling to the spouse, and nominees added to the shares, the deposit and the flat's society record. Wills and nominations must say the same thing.

Think of a courier who hands a parcel to whoever is named on the slip; he does not check who bought what is inside. A nomineeThe person an institution such as a bank, fund house or provident fund pays when the holder dies, so that it can close the account. is who the institution pays; a will says who should own the money. For many assets, courts have treated the nominee as holding the money for the legal heirs, but the position differs by asset and has changed over time, so confirm it for each one. When the two documents disagree, the family inherits a dispute.

Seven things, and the third and fourth matter most because of the child. With a four-year-old, the wills must name a guardian and say how his inheritance is held until he is old enough to manage it, or a court will decide both. The full list: an executorThe person named in a will to collect the assets, pay any debts and hand the rest to the heirs as the will directs. and a backup; each spouse to the other, then the son; a guardian; a trust or similar arrangement for the son's share, with an age at which he takes control; a clause for both dying together; a current asset list; and signature before two witnesses. Registration is optional in India but makes the will harder to challenge.

Sign the wills first, then align every nomination to them in one sitting. Kunal's funds and provident fund move from his parents to Aparna; Aparna's PPF moves from her brother to Kunal; the shares, the deposit and the flat get nominees for the first time. Where an account allows more than one nominee, name the spouse first and the son second, with the guardian acting for him. Then keep one register of every asset and its nominee, and review it after any birth, death, marriage or new account.

Say the limit clearly: this is the framework, not legal advice. Succession rules differ by personal law, and provident fund and insurance nominations follow their own rules. A family lawyer should draft the wills; the adviser's job is to make sure the paperwork on every account says the same thing they do.