“To mitigate complications and aid in the procedure of devolution of assets after death, a ‘will’ has to be well planned and drafted.”
In India, we are emotional when it comes to matters pertaining to ancestral asset distribution. We always feel that relationships are more important than the calculation of life. However, have you ever thought that sometimes these kinds of emotions create a rift in the relationship? Hence it is always important to have a will.
Drafting a Will becomes more essential when you consider things like the future security of your loved ones, who should be able to gain access to their inheritance. It also ensures future family bonding and peace of mind, about the completion of your wealth planning.
Don’t get emotional while making a will, we have to look at the practical angle also. Let us understand the importance
Will can be made by anyone who is a major, however, I suggest 40 years should be the age of making a will because of the assets you would have accumulated.
Making a will is not that complicated. You can mention the distribution of your asset properly. 2 witnesses and a doctor’s certificate declaring you being mentally stable are compulsory.
1) If you do not make a will it is difficult to decide who is the legal heir. The assets will be distributed between your family members which includes mother, spouse, sons, daughters, etc.
2) If there is no proper will it is difficult to offer charities or doing organ donations.
3) A will can be made on a plain paper in local or English language. You can mention the different percentage of your asset distribution in family members. All your movable and immovable assets can be distributed as per your wish.
4) You can appoint an Executor and provide the custody of the will. So, it can be executed properly after the decease of the testator and there is no fight which will arise between the family member. You can appoint your lawyer, mentor, doctor, C.A.or any of the family member as executor. The executor derives the powers to dispose of the estate of the deceased testator in terms of the Will.
5) You cannot be the Guardian to Minor if the Minor’s natural Parents are there
6) If you are a joint property holder it is compulsory to mention the percentage of the property you hold has to be mentioned in the will
7) If it’s an ancestral property it will be distributed equally among the family members only. No 3rd person is allowed.
8) Paghadi properties are not entitled to distribution in the will.
9) We feel that putting a nominee is enough to enjoy the rights on any assets of the main holder. A nominee is not a Varas hence it is necessary to do a proper will and include the name of the nominee so in the future there will be no difficulties faced by the nominee.
To be Continued…