As per the estimates, over 320,000 births and 250,000 deaths happen per day. What happens to the assets accumulated by them after they are gone? A Last Will can be of use to distribute their assets as per their wishes. A Will or testament is a legal document by which a person, the testator, expresses his/her wishes as to how he/she wants the property to be distributed after demise. It carries the names of one or more persons as the executor, to manage the assets until the final distribution. In short, a Will aims to fulfil the wishes of the testator and dispose of his/her property. However, creating a Will is often neglected by most people in India.
Privileged and unprivileged Wills are the two kinds of Wills. A privileged Will is made under extraordinary circumstances like a war or a dangerous expedition. Any other Will falls under the category of an unprivileged Will. The Indian Succession Act, 1925, Hindu Personal Law, Muslim Personal Law, and Indian Registration Act, 1908 are the laws in India that govern the Will in India.
Below are a few benefits of having a Will:
Distribution of assets:
Your property will be distributed according to your wishes after your life, if you have a Last Will and Testament. The person is considered to have died intestate if he or she dies without leaving a Will. In such a scenario, the property would subsequently be allocated in accordance with the law.
Ensures Financial Security:
Sometimes, some of the family members might have some special needs or requirements. They may require financial assistance at least for some time. In such cases, a Last Will and Testament can help by offering additional financial resources to the individual in need. The property is split equally among the heirs if there is no Will.
Eliminates Legal Hassles:
Creating a will speeds up property settlement and avoids property disputes. Since India’s courts are already overburdened with over 3 million pending cases, legal matters involving property disputes can drag on for years. Having a Will in place can save money and time in the long run. Other advantages of making a Will include expedited property settlement, avoidance of legal fees, and the avoidance of property disputes.
If the individual has minor children, he or she can make sure that the minor children are given guardians if both parents pass away. The individual might also make a list of assets and finances to guarantee that children receive adequate assistance.
Creates awareness about assets:
The deceased’s assets may go unclaimed due to a lack of awareness of assets. Being unaware of the assets results in unclaimed bank accounts and immovable property. With a Will, the odds of the legal heirs losing track of the deceased’s possessions are removed.
While writing a will might be a time-consuming procedure, it has several advantages. With the appropriate assistance, it may be made easier. There are a plethora of management services and financial experts available to assist you in this area. EldersWealth, one of the leading Will writing service providers in Bangalore, assists you with the preparation of your Last Will as part of your estate planning. Contact us to learn more about our services and to make the work of establishing a Will easier.