Where there’s a will…The benefits of making a will

Do you balk at the idea of making a will, or want more information on why you need to make one? This article is for you.

As Indians, we repose a lot of faith in the family structure. Everything we do, right from buying a house to making investments for the future, is aimed at creating financial security for our loved ones. It is unthinkable that you would not bequeath all your wealth and assets to your children and close relatives upon your demise.

However, we often hear of cases where there are disputes arising over the distribution of a deceased person’s assets. Sometimes, disgruntled relatives take the immediate family members to court over their claims for a share in the wealth and assets. At other times, siblings battle each other for a share of their parents’ property and money. In such cases, courts must intervene to arrive at a solution that satisfies all parties.

These problems do not arise if you make a will.

What is a will?

A will is a court-notified legal document that lists all your assets (immovable and movable, cash, gold, personal belongings of value, bequests, etc.) and the proportion in which you wish to distribute them among your survivors. The will lists the posthumous mode and proportion of wealth distribution.

Why should I make a will?

A will is legally binding on all parties concerned. Having your wishes stated on a registered legal document is important because it does not leave room for ambiguity or questions after your demise. In effect, it insulates your property and wealth against claims made by third parties, or relatives that do not have a direct legal claim on your assets. It also protects the interests of your spouse and immediate family members against claims.

Do note that you have the freedom to grant all your assets and money to an organisation, or a person who is not a family member but whom you wish to gift in some way. No person, including immediate family members, can demand that all your wealth must be given only to them. The will may be contested in court, but it cannot stand if it is registered.

Who can make a will?

Any person with any asset to their name, and who wish that the asset(s) must be equitably distributed to a person(s) or organisation(s) of their choice, can make a will. However, the will must be drafted by a lawyer and registered in court, apart from being attested to by two individuals who are known to you, and who are not family members with vested interests in your assets.

You can make an online will instead of going through an expensive, long drawn will writing process with your solicitor. Leading insurance providers offer free online will writing services, and the document is drafted by lawyers. After filling in all the necessary details, you can take a print of the will and hand a copy to your lawyer, while giving your spouse another copy. The will is opened a month after your demise.

About This Author

Shaheen Shaikh http://www.adrclinic.co.uk Joined: April 29th, 2018