Summary: If you’ve always thought that your family will get your assets after you die without the need to make a Will, this article is for you.
Let’s start with the story of Manojlal Shah. He had a content family of four – himself, his wife, Kanta, and two sons. Though aware of the concept of a Will, he thought that all his assets would automatically pass on to his wife. Believing this, he dismissed the need for additional tasks and paperwork. Manojlal Shah even celebrated his older son’s wedding lavishly. However, fate took a turn for the worse and he passed away unexpectedly.
Upon Manojlal’s unfortunate and sudden demise, his wife and surviving children found themselves entangled in unexpected legal battles with each other. To her surprise, the older son demanded a partition of assets for the benefit of his family. It was only then that it dawned upon Kanta Shah that, without a Will, Manojlal’s assets were equally distributed among her and their two sons and she did not have complete control over her husband’s assets. Regrettably, Kanta was not designated as a nominee for his life insurance proceeds, which meant she wasn’t entitled to this insurance amount either.
This incident is just one among many that occur frequently. Drafting a Will is a crucial step in safeguarding the future of your loved ones and ensuring the preservation of your legacy. If Manojlal Shah had created a Will to financially secure his wife, this situation could have been avoided.
In this article, we will explore the fundamentals of the basics of a Will, how you can make one quickly and effortlessly, and what can happen if you died intestate, ie without a Will.
A ‘Will’ is a legal document that forms part of a person’s succession plan, becoming effective upon their demise. The person creating the Will, known as the Testator, writes down their wishes and instructions for giving their property to the people mentioned in the Will, called Beneficiaries.
This comes into effect only after the Testator passes away. A reliable individual, known as the Executor, is then chosen to make sure that the Testator’s property is distributed in line with his/her wishes.
Creating a valid Will in India is actually quite straightforward and simple. It can be made on plain paper, handwritten or printed. The Testator should be at least 18 years old and should be mentally sound. In India, the Testator must hand-sign the document in the presence of at least two Witnesses in order for it to become a legally valid Will. The Witnesses must also sign the Will.
Drafting a Will is vital for financial security. This important act is often postponed due to misconceptions about complexity, cost, or time. Contrary to popular beliefs, it is a crucial step to protect your family’s future and preserve your legacy. With proper legal assistance, creating a Will becomes straightforward and financially prudent. In our life’s journey, we work tirelessly to ensure our family’s well-being. Writing a Will is a responsible act, guaranteeing a seamless transition for your loved ones.
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