The will is a legal document that distributes the properties and investment amongst the inheritors according to your wish soon after your make exit from the world. Hence, it is important to understand the details of making a will. In fact, in today’s digital world you can create an E-will with the help of legal experts online as described in an earlier article by us.
Here we are listing the reasons to create a WILL but before that have a look at its concept.
What is a WILL?
This is a legal document prepared according to a person’s wish to distribute his/her assets and investments among the inheritors after the demise. In India, any person achieving the age of 21 years and having a healthy mental condition can create a will. The idea of will creation has changed in India now as the people earlier used to prepare a will when encounter with any serious disease or is on a deathbed. This very idea has changed due to tussle in between family members, high expectations from you, family business and partnership to name a few.
Top Reasons to create a WILL:
- Confidence and Assurance
A person wishes to give away his/her saving, investments, property and jewellery to the next generation. In fact, the emotional bond between you and the inheritors ask for a well-planned exit from the world however it is not in anyone’s hand. But, the well-planned exit refers to making a will. This legal document makes you experience a stress-free life as every detail of the saving and investment is written in the document along with the name of the beneficiary. This gives the person a confidence that all will go well even after you say goodbye to the world.
Apart from this, the creation of a will also give you a sense of security as no one can overpower you to write down everything on his/her name.
- Minimize Family Dispute
Some people face the bitter trust of family feud over the share in property and this led to clashes between the family members. In fact, the lawyers have to intervene to sort out the issue. But, the non-availability of a WILL make things difficult to handle. Thus, it is very important to write down the inheritors share clearly in a legal document in the presence of your lawyer.
- Passing Legacy to the third Generation
A person can create a will in case he/she is not confident that his/her immediate generation is capable of handling the legacy. In this case, a person can transfer everything to the grandchildren with a clause that the third generation should attain the age of 18 or 21 years to take over the legacy. You can also form a trust to look after the property, money and investments till the time the beneficiaries achieve that specified age.
- Securing Next Generation’s Future
A person works hard in order to earn and save for the family even after his/her death. Hence, this is also a main reason to create a will as the legal declaration of your asset distribution restrict any outsider, unknown and even siblings to claim for what belongs to the next generation. The creation of a will protect the inheritors rights in a legal manner.
- Understanding of Role
A person creating the WILL with the willingness to distribute his/her asset(s) among whosoever is a testator.
A person inheriting the property/investments of the testator is a beneficiary.
A person making sure that the property is transferred to the beneficiaries according to the WILL of the testator after his/her demise is the executor.
Key Things to Consider about preparing a WILL:
- The quality of paper for WILL creation is important. Make sure to choose good-quality paper that shouldn’t get spoiled easily even after many years.
- Have two witnesses at the time of creating a WILL. This can include your family doctor and a lawyer.
- Remember, that a beneficiary can’t be the witness.
- The WILL should be written clearly and signed with an ink pen.
- IN case of Hindu families, a person inherits right on the property since birth and thus creation of a will is important as ancestral property can’t be given to any person via will.
Keep all these factors and reason in mind as it is important to create a will.