What is Will?
Have you ever thought of the day when everything will be there but you? What will happen to the wealth you created for your family and loved ones in your absence? Would your family get the rightful share of your wealth per your wish, or will they have to fight a legal battle among themselves or others for the right to ownership?
Make a Will beforehand to avoid unnecessary complications after your death and fair distribution of your fortune as per your wish. Will is a legal document left behind for the family and for one’s nearer and dearer. Through this document, a person decides what they want to do with their personal assets, belongings, and holdings after their demise. It is written as per the judicial system in the presence of two witnesses, which ensures the owner’s assets get transferred to the rightful legal heirs and the beneficiaries as stated in the document’s terms.
Failing to draft a Will means leaving your property or asset distribution in the hands of the present complicated law structure and the Government. The absence of a legal Will creates misunderstanding among family members, sometimes leading to legal battles across decades.
Making a valid Will
Any person with a sound mental state and 18yrs of age can write and state their terms for distributing their assets and belongings after death. A Will is effective only after the testator’s death (the person who writes the Will). The Will may be legalized by the Attorney on a legal paper. It needs an Executor (the person carrying out the owner’s wishes) and two Witnesses (especially the non-beneficiaries) and may be notarised by the Magistrate. A Will written on a White Paper with two witnesses is also acceptable to the court. But a duly registered Will enjoys some added benefits like
(a) A copy will be kept at Registrar’s office – No way to tamper such Will
(b) You have access to a certified copy at all times
Is Making a Will Necessary?
A Will is not at all an over-exaggerated process. It is one of the best legal ways to ensure the owner’s wealth is received by the intended beneficiaries after the owner’s death. This simple process of wealth distribution can get extremely messy and complicated if the owner’s death happens “Intestate” (absence of a Will)
When one’s demise is intestate, their spouse, children, and other relatives (brothers or sisters) are eligible for a share of the wealth of the departed person. On many occasions, depending on the wealth/property, the division of wealth could expand beyond the central (core) family members.
Few other benefits
- Protection: It helps to ensure that your hard-earned money, assets, property, and belongings are handed over to your core family and the people you love. Having a Will warrants smooth transparency of the process by which the assets are distributed easily.
- Undue Delays: In the event of an intestate, the immediate family members need to file a petition based on the “Succession Act”. This process is legally demanding, emotionally challenging, and expensive.
- Family dispute: A well-planned and composed Will goes a long way in maintaining a healthy family relationship amongst its members and evades any form of resentment, dissatisfaction, and alienation. This is another reason why making a will is necessary.
- Guardian of minor children: Death is always uncertain. A parent has to be practically proactive and document the responsible person/guardian (legal). The Will is required for your surviving child’s or children’s future.
- Asset management: The most important aspect of the Will is choosing one or more persons to manage the assets after the owner’s demise. An “executor” will be responsible for handling all legal procedures like; closing and transferring bank accounts to the new owner/s, liquidating any assets, or transferring assets as required. In case the Will makes a minor owner, the executor will act as the guardian till the minor owner attains the legal age of 18. It is very essential to choose a trustworthy Executor. “Trust” is the most important factor while executing a Will.
- Allocation of Assets: The “testator” can name several individuals as a beneficiary for several assets as they see fit. The “executor” becomes responsible for distributing the mentioned assets and properties.
- Better mental health: Once the Will is drafted and legalized, the owner will be satisfied knowing the loved ones will be cared for after their demise. People avoid drafting a Will as they feel the inheritance of wealth to heirs is an automated process- It is NOT like that.
Why take a chance at the cost of your loved ones, “Will” it out!
If you have a question, share it in the comments below or DM us or call us – +91 9051052222. We’ll be happy to answer it.