Why Is A Will Important In Estate Planning And How To Create One?
A Will is a legal document that authorises another person to execute his plans after death.
A Will is a legal document that authorises another person to execute his plans after death.
Will Important In Estate Planning
A Will is a vital part of estate planning. If a person dies without creating a Will, it may lead to unnecessary conflicts in the family, and the dispute may reach the courts. Hence, a Will can save the family from such strife. Section 2(h) of the Indian Succession Act 1925 explains a Will as “The legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death.”
A Will defines who will get what after the Testator’s (writer of the Will) demise. It is a document everybody has heard about but may not have written themselves. But they should know the implications of not writing a Will and, when preparing it, what they should do to render it valid.
Advertisement
Will Is An Important Part Of Estate Planning
Vishnu Chundi, founder and CEO of AasaanWill, says, “Wills allow individuals to ensure that their assets are distributed in accordance with their preference after death, and potentially helps avoid family disputes. Intestacy laws, which govern the distribution of assets when there is no Will, frequently follow a rigorous hierarchy based on familial relationships, possibly excluding persons who were of significance to the deceased. This often results in disagreements among surviving family members, adding emotional stress to an already tough situation.”
Advertisement
A Will is crucial for the following benefits.
Family Security: It will secure your children, mainly if they are minors. Instead of an overbearing distant relative taking charge, you can decide who will take care of the matters after you are gone.
Peace Of Mind: Creating a Will can give you peace of mind, knowing that everything is in place if you suddenly die or suffer a prolonged illness. If you are critically ill, you may be unable to write a well-thought-out Will, fulfilling all the necessary legal requirements to make it valid. So, planning your estate and writing it down in a Will while you still can is prudent.
Digital Assets: You can secure your digital assets, like your digital files, social media, etc., which your family members may need to be made aware of. While writing a Will is simple, a few requirements are necessary to make it valid.
What Makes A Will Valid?
Chundi says that while writing a Will, one should avoid making mistakes, such as ambiguity in the language, incomplete list of assets or the beneficiaries, improper witnesses, handwritten corrections in the Will, using a DIY approach (not consulting the legal expert), etc.
Once the essential criteria of a testator are fulfilled, the following needs to be kept in mind.
Advertisement
You work many years to create wealth not only to live a better life but also because after you depart to a heavenly abode, your loved ones can get a legacy as a gift in your fond memories
Testamentary succession is executed through a will made by a testator expressing his/her wishes for their estate planning including, investments, properties, and other valuable articles.
A “Power of Attorney” is a document that authorises a person to manage things and make decisions on somebody else’s behalf
Get all the latest stories delivered to your inbox
Advertisement
Get all the latest stories delivered to your inbox