Many people defer writing a Will because they believe it will be expensive or complicated,
or that it is not required as their assets will automatically pass to their spouse
or children. The other common myth is that we have named “nominees” in all our accounts
and hence a Will is not required. It is important to note that nominees only hold
your assets in “trust” and are legally liable to transfer all assets to the beneficiaries.
Writing a Will is vitally important for all adults irrespective of wealth, marital
status or age. Also with ballooning real estate prices as well as inflated asset
values, it is always better to ensure that you have a valid Will. A Will allows
Distribute your assets as you wish: The succession law decides how your estate
will be distributed in case you don’t have a Will. A Will is the only way to ensure
that your wishes will be carried out.
Appoint and define powers of an Executor and/or Trustee: You can appoint
a person to supervise and administer the distribution of your estate. Designating
a reliable and neutral Executor provides peace of mind that conditions of your Will
shall be followed. However, it is not mandatory to appoint an Executor.
Appoint a guardian for minor children: Your Will serves as a guiding document
to determine who will care for your minor children in the event of the death of
Expedite the transfer process/reduced expenses: It is faster and less costly
to settle an estate with a valid Will, thereby reducing the legal cost that protects
the value of your assets and savings are passed on to beneficiaries.
Reduced documentation: A Will substitutes the requirement of acquiring a
succession certificate. The process of acquiring a succession certificate is often
cumbersome and time consuming.
Captures all your assets in one place: A Will also is a inventory of all
your assets that comes in handy for your family. Many a times, the spouse doesn’t
even know the details of bank accounts, PF/PPF accounts, insurance details etc.
that can lead to a lot of delays in accessing the monies.
Reduce stress and heartache for family: A Will clearly outlines your wishes
for property distribution and therefore will reduce uncertainty and family disputes
during an emotionally difficult time.