Why you need a will

Why Do You Need A Will?

If you die intestate (without making a Will), then your property gets distributed as per the laws of succession and not your choice. The law doesn't know that you wanted to leave collection of your paintings to your youngest son or you wanted to give all your jewelry to your daughter. Your assets are distributed as per the generic laws. This also means it would default to the nominees you listed in various financial instruments you invested in, but the process would remain tricky and complicated.

A will makes it easier for an individual’s family or friends to distribute the assets when the individual dies.

Most people believe that only those who have abundance of wealth are required to make a Will, but planning your estate is pertinent to ensure that your property is transferred as per your wishes.

You choose what happens to your assets after your death - When you make a will, you decide who receive your assets. Whether it is a family business or a classic collection of artifacts or simply your savings, you should decide who will receive your belongings after your demise and not generic laws of the country. These laws do not include people who are not related to you, like your close friends or mentors, or your maid. With a Will, you can leave behind a legacy for your loved ones.

Need To Create A Will?

A will should be in writing and should contain all the particulars of the assets that are to be distributed and the list of beneficiaries. The testator is required to sign or affix his mark on the will or have it signed by another person in his presence or on his direction. Two or more witnesses are required to place a mark on the will, which marks the assent of the testator in the presence of others.

Here are a few reasons emphasizing why creating a Will is indispensable -

1. To avoid family disputes - When you die intestate, your estate can be a root cause of dispute among your family members. These disputes might break your family. A division of assets will ensure that the strong members of the family will not win over the meek and vulnerable members.

2. To ensure guardianship of minor children - If you die before your children are adults, not having a proper guardian might jeopardise their future. You can appoint a testamentary guardian only through a Will otherwise the court appoints guardians which are as per the law. By appointing a person as a guardian through a Will you can also prevent natural guardians to take control over your children.

3. Having a Will reduces the probate process - Probate is a legal process where the authenticity of the Will is proved before the court of law. Irrespective of the fact whether you have prepared a Will or not your estate will undergo a process of probate. Having a Will ensures that the process is completed in less time.

OnlineWill.in will eventually help you create a structured will online. Until then, these articles explain the fundamentals so you can prepare with confidence.