If a person wants to legally specify how assets will be distributed after their death, they must create a Will. Read on to learn the importance of having a Will in today’s day and age
Every person should have a Will that specifies how one’s property should be legally transferred after his/her death. Out of all things in the Will, a person can also name a digital executor who will manage their digital assets, such as online bank accounts, social media accounts, and Demat accounts, among other things. Lets see Why is it necessary having a will in today’s day and age.
A Will ensures that a person’s family and close relatives do not end up fighting over their estate after their demise and that their assets are distributed correctly. Not only can they list their assets, but they can also name a guardian for their minor child if they were a parent.
People don’t want their assets to be transferred to someone they don’t want or like, so having a Will is preferable. If there is no Will, the distribution of the assets lands in the hands of the court, which is a streamlined, time-consuming, and tedious process that causes stress for their loved ones.
Why Should One Have a Will?
The following are some of the major advantages of having a Will prepared ahead of time:
- Reduces the likelihood of family strife: We don’t want our family to get into a fight over our inheritance. In the absence of a Will, there is a lot of guesswork about an individual’s final wishes, which can lead to family conflict
- Asset distribution according to your wishes: With the help of a Will, the property can be transferred to family members according to the deceased’s wishes and desires. If a person dies intestate—that is, without a will—the court decides who gets what portion of their property, which isn’t always fair
- Financial security for near and dear ones: Having a Will ensures that an individual’s assets are distributed properly to the person they want to inherit their estate. This provides financial security to their loved ones, such as their wife and children, allowing them to live in peace
- Choose who cares for your minor child or pets: In the absence of a Will, minor children or pets are frequently given to people they don’t like or know won’t be able to properly care for them. Most of a person’s worries are alleviated by naming a guardian in their will to look after their children or pets. It also allows their children to live peaceful life.
What Does a Will Cover?
A Will generally covers:
- Who gets a person’s assets after they are gone?
- The name of an executor who Will ensure that their assets are distributed according to their wishes after their demise
- Information about the properties they own and how they are distributed
- Information about the assets they want to donate to trust or charity.
- This could also result in tax savings.
Requirements of a Valid Will
Not all Wills are valid in India. To make sure a Will is valid, an individual needs to meet certain conditions, such as:
- The person drafting a Will is required to be at least 21 years of age
- A Will can only be written by a sane person
- It is always preferable to having a Will registered at the State Government’s Office of the Sub-Registrar
- A person who is blind or deaf, or physically disabled can also write a Will, provided it is written on his behalf by someone who is not impaired and is of sound mind.
Components of Having a Will
The information that needs to be provided in a Will are:
- Personal information: The personal details of the person writing the Will are required, and it includes details like his – name, address, father’s name and date of birth.
- Details of the assets: All movable and immovable properties owned by the deceased that need to be distributed should be listed
- Beneficiaries: The Will should list all of the beneficiaries, including spouses, children, family members, and close relatives, who have a claim to the assets and to whom they will be transferred
- Appointment of an executor: A Will should specify the name and contact information of the executor. An executor is a person who makes sure that the process of asset distribution goes on smoothly after a person passes away
- Appointment of a guardian: If a person is leaving a minor child behind, they’ll want to ensure that someone they trust takes care of him or her after they’re gone. The same is true for pets. The guardian’s personal information should be included in the Will
- Signatures of the witnesses: At least two major witnesses should be present when the Will is registered. It is mandatory to include the signatures of both witnesses
- Signature: The person who owns the Will is required to sign it. A Will must be signed. An unsigned Will is deemed to be invalid in a court of law.
Although a handwritten Will does not require signatures, it is not valid in all states.
Why Should One Have a Will: 7 Reasons Why You Need to Have a Will?
Having a will is important for several reasons. Here are seven reasons why you need to have a will:
Ensuring your property is distributed according to your wishes: A will is a legal document that outlines how your property should be distributed after your death. Without a will, your property will be distributed according to the laws of intestacy, which may not align with your wishes.
Avoiding family disputes: A clear and well-drafted will can help avoid disputes among family members over the distribution of your property.
Naming an executor: A will allows you to name an executor who will be responsible for carrying out your wishes and managing your estate.
Naming guardians for minor children: If you have minor children, a will allows you to name a guardian who will be responsible for their care in the event of your death.
Minimizing estate taxes: A will can help minimize estate taxes by allowing you to make gifts to your heirs and charitable organizations.
Protecting your business interests: If you own a business, a will can help ensure that your business interests are protected and passed on to the appropriate individuals.
Peace of mind: Having a will can provide peace of mind knowing that your wishes will be carried out after your death.
Advantages of a Will:
For the long-term care of your loved ones, a will is one of the most significant legal documents you will ever write. Here are some benefits of having a will:
- Defend your interests
- Estate preparation
- Tranquilly of mind
- Reduce stress, costs, and time for your family
- Reduce the likelihood of family conflicts
What Happens If There isn’t a Will?
If a person fails to prepare a will, the court will distribute his estate according to the state’s ‘intestate succession’ laws. If the surviving spouse is alive, half of the property is generally transferred to the spouse, and the rest of it is transferred to their children, parents, siblings or other family members.
The court’s pro-rata distribution of assets can be a tedious, stressful, and time-consuming process for the demised’s loved ones.
The surviving parent usually gets custody if they leave behind a minor child. If there is no surviving parent and no Will, custody is given to a family member who volunteers as a guardian and is deemed capable of caring for the child by the court.
Conclusion
Nobody wants their estates to end up in the wrong hands, so writing a will is so important. It relieves people of their anxieties and allows their loved ones to live happy and peaceful lives. Generally, a Will does not have any specific format, but it must be signed by both the maker and the witnesses. If there is no Will, the court distributes the estate on a pro-rata basis, and the asset may end up in the hands of someone we don’t like. In case of any queries , reach out to Vakilsearch
FAQs
What is the importance of having a will?
A will is a legal document that outlines how your property should be distributed after your death. It ensures that your property is distributed according to your wishes.
What are the disadvantages of will?
There are no inherent disadvantages to having a will. However, a poorly drafted will lead to disputes among family members and may not accurately reflect your wishes. If you don’t want this to happen to you, get your will drafted by our experts in the field. To know more request a callback today!
Who keeps the original copy of a will?
The original copy of a will should be kept in a safe place, such as a safe deposit box or with an attorney. It is important to ensure that your executor and family members know where the original copy is located.
What are the benefits of having a will in India?
In India, having a will is imperative to ensure that your estate is devolved as per your wishes. Additionally, any language may be used to execute a will
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