Active Stocks
Fri Jun 14 2024 15:58:47
  1. HDFC Bank share price
  2. 1,597.45 1.05%
  1. State Bank Of India share price
  2. 840.20 -0.44%
  1. Tata Steel share price
  2. 183.05 0.30%
  1. ICICI Bank share price
  2. 1,105.10 -0.20%
  1. Kotak Mahindra Bank share price
  2. 1,717.00 -0.54%
Business News/ Money / Personal Finance/  Ranbir Kapoor's CA wants him to make his Will. Here are 4 reasons why you should make your Will, too

Ranbir Kapoor's CA wants him to make his Will. Here are 4 reasons why you should make your Will, too

Many people think they do not need to make a Will since they are young and have little valuable belongings. The Will only applies to your assets as of the date of your death, thus it is not required that you have any property at the time it is signed. Continue reading as we go through some of the prime reasons for writing a Will when you are younger.

We explain four reasons to make a will at a young agePremium
We explain four reasons to make a will at a young age

It was recently reported that actor Ranbir Kapoor's CA had advised him to prepare a Will. He was taken aback by his inquiry and shrugged it off, responding, "Why do I need a Will at this age?" It is a common misperception that making a Will is something you should only do when you become older. But when does someone get old?

Since life is so unpredictable, you don't have to be over 55 to pass away, get into an accident, or get an unexpected sickness. A Will is a legal tool that enables you to plan for the unforeseen and guarantees that your desires are carried out regardless of what transpires. The majority of individuals create a Will in order to leave their assets to their loved ones once they pass away since they have amassed some fortune.

Benefits of making your Will at a younger age

Prevents governmental involvement

The government takes over the legal issues when a person passes away without a Will. The government will select who gets to inherit your possessions, which is probably going to be the nearest surviving relative, such your spouse or kid, if you have any, or your parent, if you don't. If you wanted to leave your estate to someone other than your family, you must have a will in place for it to happen.

Protects your minor children in case of a unexpected fatality

Documenting the responsible party or caregiver for your children in such instances, if there is a sudden incidence of fatality or death, assists them in your absence. It is among the most crucial justifications for creating a Will. If no guardian is named, one will be appointed by the court. It implies that your child will be raised by someone over whom you have no control.

Lets you decide what happens to your body

We've all seen the news reports of terrible family battles over the prostrate bodies of sick children, siblings, or spouses. Write a health care directive stating all the important instructions of your final care. Final care may include instructions for burial or cremation, organ donation, whether you want to contribute your corpse to science etc. Keep control over what happens to your body in such situations by making your own decisions.

Safeguards your pet

People frequently include provisions for their pets in their Wills. What would happen to your cherished pet in the unlikely event that you passed away suddenly? Better to make arrangements for your animals in advance in case of your passing. You can also specify that certain assets be sold, with the revenues going to the new owner of your pet to cover maintenance costs.

Many people believe that because they are young and have little important possessions, they do not need to create a Will. It is not necessary to own any property at the moment the Will is signed, as it only affects your assets as of the date of your death.

Your estate is a changing balance sheet, and in the future, your financial situation can seem very different. Your future assets can be handled through a Will, which will ensure that they are handed to the right individuals after your passing.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 19 Jul 2022, 11:11 AM IST
Next Story footLogo
Recommended For You