Having a Will is one of the most important things you can do for yourself and your family too.
Will refers to the legal document that mentions the distribution of your property. This document also takes legal care of your family upon your passing.
Now the main question arises that do you have a will? If yes, then you will not be surrounded by future disputes, and if not, then it’s time for you to make a will for your family. If you don’t, then the government makes one for you. The government will split your assets according to the law of the state. The government may split your assets according to the number of members in your family but it might create a problem. Who gets what? Are they satisfied? This will seed a dispute in the family after you pass away.
So, do you care who gets your property if you die? Do you care who gets your money if you are not there? Do you care who is an appointed guardian of your minor children if you met with an accident? 80% of Indians don’t create their will unless they go to court with Will inheritance issues.
If you don’t have much time to go to court and create a Will then yes, you can write your Will on a piece of paper and get two witnesses to attest it, and it would be a valid Will. Courts have recognised even holographic wills. There is no requirement for having the Will made on stamp paper or registered. But however, you may fall into disputes. That is why it is highly advisable to create a Will.
Will is not only about your money and your property. It is also about your business. It clearly mentions the name of the person who you want to take control of your business after you die. In your absence, the court will make a decision.
Following is the importance of creating a Will:
The decision of distributing your estate is taken by you, not government: This document clearly determines your wish. This tells how you would like your estate to be handled upon your death. You may pass this to your family or friend. If you don’t, the government will take step according to the set rules.
You decide a guardian for your minor children: A Will allows you to make an informed decision about who should take care of your minor children if you die. It will allow you to appoint a person who will raise your children.
Make a donation: If you don’t want to give your estate to your family then Will helps your family to make clear the things. It would give your assets to an NGO as per your wish.
Avoid frauds: If you die without a Will, part or all your estate may pass to someone you did not intend. For example, an old man living in an old age home gave his all estate and money to the owner of an NGO, but when the owner died, his wife, who had not been a part of his life for 7 years, stood to inherit the entire property. Creating a Will may avoid these kinds of legal challenges.
Legal challenges: How would it feel if anybody would just stand up and say this is my property? To avoid such things, one must create a Will. It will save the time of owner and also will save the money which will be needed on the court.
There are thousands of reasons for creating a Will but a few reasons for not creating it. However, it is not compulsory in India to create a Will. It is up to a person. But most of the lawyers suggest making a Will on time. Because nobody wants their belongings to go to the unwanted person. While reading about it many questions pop up.
How to create a Will?
At any stage of your life, you are free to create a Will. You can appoint an executor to administer your will, you can appoint a guardian if you have minor children.
All you need to start this process is some information. You need a name or names for your Will, like that of spouse, daughter, son, guardians and so on.
Some other documents
You will need to submit the report of your debts. You can transfer anything like cash, property, furniture, antiques, business and so on.
Now, do you think you should get a lawyer? Then yes, get a lawyer. He will make your work easier. Also get two witnesses. You should also keep copies of every document in a safe place. And once this process is followed up, the entire process is done.