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Blogs > 4 Good Reasons to Make Your Will Today

4 Good Reasons to Make Your Will Today

    Young or old, no one can escape the unpredictability of life. Creating a will is imperative for anyone who wishes to spare their loved ones from tiresome legal procedures in their absence. Life is unpredictable; and no one likes to think about the end. However, having a Will in place can make the best out of an unfavourable situation and protect the legacy you wish to leave to your loved ones. A Will not only protects your assets from falling into the wrong hands or going in vain, but also expresses how you would like things to be handled in your absence.
     
    Here are 4 reasons why making a Will is worth your time today.
     
    1. To ensure that your family doesn’t lose your wealth
    Apart from an estate, assets like life insurance policies, fixed deposits, recurring deposits, etc provide your family with the financial support they may need in a crisis, or life, in your absence. But if your family isn’t aware of such assets, they won’t be able to make the most of them after your death. As a result, not only are your savings wasted, but it also puts your family in financial despair, which is exactly something you had wanted to avoid when you were around.
     
    As per research, billions of people around the world have money and assets that are currently being held by insurance companies, banks and other government administrators. While the total value of these unclaimed assets remains unidentified, financial experts claim the figures are stupendously high. Hence, it’s advisable that you prepare the Will beforehand so that your hard-earned wealth doesn’t go in vain.
     
    2. To make things faster / easier for your family
    We may think that if nominations / joint holdings are in place, there’s no need for a Will. The truth is – a nomination is just a trust arrangement; hence, nominees can collect and keep custody of assets – they cannot be owners. A nominee has to pass on assets to legal heir as per a Will, as per Court Order (Succession Certificate). In joint ownerships – all joint holders own some part and each one has right to make a Will for his/her holding. All assets go through a legal process, with or without a Will. 
     
    If you do not prepare a Will, it will also take longer for your family to track down your investment/assets. Having a Will speeds up the legal process. If your family members are aware of your Will and who all are the assigned beneficiaries, they can lodge a claim immediately without too many hassles.
     
    3. To distribute your assets and limit conflict
    Most of us assume that if there is no Will, all assets will be simply handed over to the spouse. In reality, in the event of no Will, assets are to be distributed to all legal heirs as per Succession laws (in Hindu – equally to living Mother, spouse, all sons, all daughters including married daughters) including Business Assets as per Succession certificate from court with time and cost.
     
    Is your family vast?  Do you want to leave your wealth to specific members of the family? A Will can determine the ‘who’, ‘what’, and ‘when’ of your assets. As a result, it will be easy for survivors to sort out your assets without any confusion, avoiding long-drawn court battles.
     
    Let your heirs know that you would like to talk about your Will today. If you feel that a discussion on property distribution will turn into an argument, request your lawyer to be present. This will not only reduce conflict, but will also resolve all legal doubts if necessary.
    Apart from an estate, assets like life insurance policies, fixed deposits, recurring deposits, etc provide your family with the financial support they may need in a crisis, or life, in your absence. But if your family isn’t aware of such assets, they won’t be able to make the most of them after your death. As a result, not only are your savings wasted, but it also puts your family in financial despair, which is exactly something you had wanted to avoid when you were around.

    4. Because tomorrow is not promised
    Waiting to make a Will in old age with unfortunate illness, means you could be under the influence of a disturbed or medicated mind, and can be questioned legally for mental stability or soundness. Most individuals take a Life Insurance at young age to help their families in case of untoward situations, so why not a Will, which is also a safeguard for such an event?
     
    You don't need to be an expert to create your will.  It is not full of hassles, time-consuming or costly. A certified legal officer can help you draft your wishes into a legal document. Once the document is ready, you will need to have it signed by two or more witnesses. As per Indian laws, you can even create a Will online at home in a few simple steps. All said, a little effort on your part will prevent vast inconveniences for your loved ones. So, make timely decisions with your wealth today, to ensure a happier future for your family.
     
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