Three good reasons to make a Will well in advance
- Nowadays, people have started making videographed Wills, which are accepted as evidence in court
Making a Will is a responsibility you owe to both yourself and your family. It is a legal document that lets you decide what happens with your estate after you die.
Basically, it is a formally written document that tells beneficiaries of your wealth after your demise what assets you had and how it should be distributed —to whom, in what quantity and in what manner.
Nowadays, people have even started making video-graphed Wills. The video can be used as evidence that the concerned person did sign the Will, in case a claim arises after his/her demise. The videographed Will is also accepted in court-related matters.
Hence, while undertaking estate planning, you must go for a Will. In this piece, we take a look at three main reasons why you should plan a Will.
Protects your family: Will planning is an important and essential step to ensure that all your hard-earned money goes to the benefit of someone you love. A Will shields your family and provides complete transparency on how you would like your assets to be handled and distributed. If the children are minor, then parents can decide who will be the guardian or who will care for their children after their demise.
Helps avoid lengthy legal processes: If a Will does not exist, one has to get into the respective ‘Succession Act’ which can usually be challenged and it is typically a long process. Santosh Joseph, founder and managing partner, Germinate Investor Services LLP, said, “When someone dies without a Will, it means you have died ‘intestate’. When this happens, the intestacy laws will apply based on your jurisdiction. These laws of intestate succession vary greatly subject to whether you were single or married, or had kids. A Will helps in avoiding any lengthy processes and delay in the distribution of your assets. Having a Will eases the way for nominees/legal heirs to get easier access to assets of the deceased.”
Avoids family disputes: A well-drafted Will also helps avoid any dispute within the family. “In case of joint families, or families with strained relationships, the absence of a Will can lead to ambiguity in deciding on the proper distribution of assets. Sometimes, it can lead to hostile conversations and disputes that can last a lifetime,” said Joseph.
Mint takeaway: It is a myth that a Will is normally made when one reaches old age. The young and the old alike can make a Will. The earlier you make a Will, the better it is. You can also amend your Will as and when you acquire new belongings or assets.
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First Published:18 Jun 2021, 01:27 AM IST
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