Indeed your English teacher has taught you the above saying in
school. You must be wandering what significance this saying can have in
your adult life. Now even though you have grown up, the phrase holds the
same significance but with a different interpretation. It can not only
alter your 'life' story but also save you being witness to the family
'drama' from the heaven.
Yes, I am referring here is making of the Will. I mean, you need to
make a 'Will' to ensure that your legal heirs inherit your assets the
way you want them to and they have a successful and a happy 'Way' ahead
in their life after your death. You earn and save throughout your life
so that you and your family can live a happy life forever. But, if you
haven't made a will, your task of giving direction to distribution of
what you have earned remains unaccomplished.
A Will forms a part of your estate planning. People generally get
confused and assume Estate planning as Real Estate planning. Not many
know that Estate planning entails planning of distribution of all your
assets to your family/legal heirs in the event of your death. The
assets may include immovable property like your house, property, land or
financial assets like your investments (Shares, Mutual Fund units, Bank
account), household items, jewellery or any other such assets which you
may have.
Why should you to make a Will?
Why should you to make a Will?
To ensure that to your loved ones inherit your wealth as per your
wish: If you haven't made a will then, you cannot be sure that all your
assets will be distributed to the people as per your wishes ; in case of
your death. This problem occurs generally incase of movable personal
assets, where you cannot provide for nomination/beneficiary like
investments and insurance, which may cause disputes about ownership of
these assets which you would never wish to happen. If you wish to
bequeath asset to a minor, then you can appoint a guardian for the same.
If you do not want distribution of your wealth as per the
respective Succession Act: If you die without making a will, i.e. you
die "in-testate"; then all your assets are distributed to your legal
heirs i.e. spouse and children equally as per the provisions of Hindu
Succession Act for Hindus and Indian Succession Act for people other
than Hindu. However a Will overrides all the nominations, except for
nomination in physical shares as per the Indian Succession Act.
Succession to your business: If you have a business and you want
some one to continue or you wish to wind up the business after your
death, then you can mention it in your will. Thus making a will enables,
that no third party can or has right to intervene your business after
your death. Moreover it ensures that the assets held under the business
are handed over to the right person.
When should you make a will?
People generally think that they should make a will after they
retire. But, you don't know how long will you live, hence it is never
early or late as such when you decide to prepare a will. Thus, you
should make a will after you own any assets whether movable or
immovable. Since, will is a revocable document, you can also alter your
will as many times as you wish to. You can add new assets in your will
and also change the beneficiary anytime. Any adult can make a will so
the legal age for making a will is 18 years. So, there is no specific
age for making a Will.
How to prepare a will?
A will can be made on a stamp paper or even on a plain paper. It can
be written in any language, you wish to write. Please note there is no
specific format for making a will. First of all you should prepare a
list of assets, that you own. Then you should prepare a list of people
(including legal heirs and relatives), whom you wish to bequeath these
assets. Once both the lists are ready you should name the persons who
will inherit the respective assets. At least two persons must sign the
will as witness, in token of acceptance of the fact that the executant
has signed it in their presence. Witness has to be an adult; thus a
minor cannot be a witness to a will. You need to appoint at least one
person as executor of the will, who will execute the will after the
death. The executor has the right to distribute the assets to the
beneficiaries as per the intention mentioned in the will. It is not
necessary to register a will; however, it is always advisable to get it
registered. A will can also be notarized.
Just like you do your financial planning for your family's future and
goals, it is equally important to ensure that your assets, even after
your death; are inherited by the person whom to wish by creating a will.
So, by now I am sure you have got an idea how easy, useful and
important it is to make a will and would be willing to prepare a will at
earliest.
You know now that if you have a will to make the will, there is a way
to make it. I believe this justifies the saying " Where there is a
will, there is a way"!
Published in: Moneycontrol.com, The Tribune
