Yes you need a Will now, not later

The Covid-19 crisis has heightened economic and financial uncertainty. It is a threat to the lives and health of countless Indians. With these various risks and uncertainty looming large, many people are taking a hard look at their estate planning and succession, just in case…

Writing a Will or estate planning is a critical exercise in your financial plan. It requires calm, diligence and precision, & should not be done in a panicky state of mind.

A Will can be made by anyone above the age of 21 and is quite simple

You get to decide who receives your assets after you. Set ground rules so that there is no confusion among your surviving family members. You can also decide on how you want your property to be managed after your death. Your executor (named by you) will be responsible for carrying your affairs on the property according to your Will.

In case of minor children, you can appoint a guardian for their care. And even if they are not minors, if you still want to make sure that they are protected and cared for, you can do this by appointing a guardian in your Will.

It is faster and cheaper to settle and dispose of the property with a valid Will and reduces legal fees that may otherwise need to be incurred. This protects the value of your property and savings to be passed to the beneficiaries.

Most importantly, remember that losing a loved one is extremely hard, and no one wants to spend this difficult time with lawyers or chase various institutions and authorities with mounds of paper work to complete . A Will helps in ensuring that your loved ones don’t deal with chaos related to your assets in this time. It is also the best way to ensure safety and financial security for them. If you don’t have a Will when you die, your assets will be distributed according to the law, and that could result in long disputes between your family members.

If you are a businessman, you can also make sure that your company/ business, if any, gets passed on to your heirs or co-owners, i.e. the people who you decide are in the right frame of mind or attitude to take it further.

How do you make it?

It can be handwritten or typed. And although there is no need for a lawyer to draft your Will, having one reduces the possibilities of any legal challenges later. A lawyer helps you understand the various legal complexities of creating a Will. For instance, you should not include an inherited asset in your Will as other claimants can challenge it.

Do you need to get it registered?

Registering your Will ensures it gets greater authenticity and reduces the chances of fraud or tampering. Will registration isn’t mandatory nor does it provide greater sanctity to the document, but in some cases it is better to get it done. A Will can be registered with the registrar/sub-registrar by paying the designated fee. You would also need two trustworthy witnesses for the registry of your will. However, do remember that the witnesses should not be beneficiaries of your Will. Minor changes in a registered Will can be done through supplementary statements. Major changes would require creating a new Will that would supersede the previous version needing re registration.

In conclusion, one of the advantages of making a Will is that you can revise it as many times as you want, add or subtract legal heirs from it. It is important to note that mentioning dates in each Will, is important to establish how recent it is. Reach out to us if you want to ensure that your Will is bullet proof in terms of your final desires of how you want to allocate your assets across the family or even outside.