What happens to jewelry in a divorce?

What happens to jewelry in a divorce?

Unlike property, where ownership is decided on the basis of who has paid for it, jewellery belongs to the person who uses it, that is, the wife. She just has to produce these pictures in the court to prove that the jewellery is part of her ‘streedhan’.

What happens to your money if you don’t have a will?

If you die without making a valid will, you leave what is known as an “intestacy”. This means you have not validly disposed of some or all of your assets. If you die without a will, your assets will be distributed according to a legal formula. It also means that you have no control over who distributes your assets.

Should you put bank accounts in a trust?

If you have savings accounts stuffed with substantial sums, putting them in the trust’s name gives your family a cash reserve that’s available once you die. Relatives won’t have to wait on the probate court. However, using a bank account belonging to a trust is more work than a regular account.

Are family trusts worth it?

Family trusts can be beneficial for protecting vulnerable beneficiaries who may make unwise spending decisions if they controlled assets in their own name. A spendthrift child, or a child with a gambling addiction can have access to income but no access to a large capital sum that could be quickly spent.

What should you not put in a trust?

Assets That Don’t Belong in a Revocable TrustQualified Retirement Accounts. DNY59/E+/Getty Images. Health Savings Accounts and Medical Savings Accounts. Uniform Transfers or Uniform Gifts to Minors. Life Insurance. Motor Vehicles.