As a senior citizen, taking care of your finances and planning for the future is important. A critical aspect of this planning is making a Will. Many people may think that a Will is only necessary for distributing financial assets, but it is equally essential to consider luxury items.
According to Anushkaa Arora, principal and founder of ABA Law Office, luxury items can include homes, estates, other properties, precious jewels, and showpieces. These items are often the cause of disputes among family members after the death of the owner. Therefore, it becomes essential to depict the distribution of luxury items among beneficiaries in the Will. This will help avoid any ambiguities and litigation in the family.
It is important to note that a Will does not restrict the number or types of assets that can be included. So, it makes sense to include luxury items in the list of assets and the proportion in which they are to be distributed. It will ensure your wishes are respected and followed after your passing.
According to Abhishek A Rastogi, founder of Rastogi Chambers, luxury and antique items also possess significant value, and an appropriate Will to distribute such items reduces stress at a later stage. Including luxury items in the Will is always suggested as disputes generally arise for such items due to the difference in perception value from the market value. Identifying these items in the Will document reduces the chances of conflicts among family members.
Including luxury items in your Will is relatively straightforward. Here are the steps you can follow:
- Make a list of all the luxury items you own that you wish to include in the Will. This list should be as detailed as possible and include relevant information, such as the item’s description, location, and value.
- Choose who will inherit each item. You can either name a specific person or leave it to a group of beneficiaries to decide amongst themselves.
- Specify the proportion in which the luxury items will be distributed among beneficiaries. You can divide the things equally or assign different proportions to different beneficiaries.
- Consult with a lawyer to ensure that the Will is legally binding and that all the necessary details are included. A lawyer can help you draft a Will that clearly defines the distribution of your luxury items and reduces the chances of disputes.
- Once your Will is ready, ensure that it is kept in a safe place and that your beneficiaries know where to find it after your passing.
Following these steps, you can ensure that your luxury items are distributed according to your wishes and that your loved ones are not left with ambiguities or disputes.
Making a Will is essential for senior citizens, and it is vital to include luxury items to avoid any family member disputes. Doing so ensures that your wishes are respected, and your assets are distributed according to your preferences. As the saying goes, “It’s better to be safe than sorry.”