Thinking about one’s death is a complex topic for most of us. Hence most individuals neglect the essential task of preparing a will or testament. A final will or testament is a legally binding document through which you can express your wishes to distribute your assets and possessions after your death.
Individuals who die without making a will document are said to have died intestate. The property and possessions of intestate individuals are distributed among heirs by courts based on applicable succession laws. This process is complex and can take many years to complete. This is only one of many reasons why you should make a valid will.
In this article, we will discuss 4 key reasons you should plan and make a will.
1. Ensures Property Distribution as per Your Wishes
The primary benefit of making a will document is to ensure that your possessions are distributed as per your wishes after you die. You can include or exclude any individual, whether related by blood or not, in your will.
In the absence of a legal will, only close relatives such as wife, parents, children, etc., will get a share of your property and possessions as per the court’s decision.
The responsibility to carry out your wishes falls on the executor of the will, whose name and tasks as executor must be clearly mentioned in the document.
2. Helps Accurately Account for Assets and Liabilities
The first step when planning how to make a will or testament is to put together a list of all your assets and liabilities. You can name the beneficiaries of your assets only after you have completed this list. Similarly, you can also include plans and instructions regarding how your liabilities can be paid off after your death.
Additionally, including a complete list of assets and liabilities in your will draft can give beneficiaries a clear idea of your finances after your death. This can help ensure proper management of your legacy even after your death.
3. Safeguards Financial Security of Loved Ones
You might have investments or assets that your loved ones are unaware of. Alternately, you might leave behind minor children who need to be cared for in case of your untimely demise.
A legal will can help secure your family’s financial future by ensuring the proper management of your financial affairs after your death. This can be done either through a beneficiary of the will or through an executor entrusted to manage your finances after your death.
4. Minimizes property-related family conflicts
Preparing a legally valid will can help minimize property-related conflicts after your death.
Property conflicts among family members that end up in court can last for years and even decades. The legal bills from such disputes can easily exceed the cost of the property or possessions that are being disputed. By making a will, the chances of such litigation after your death can be reduced significantly if not completely eliminated.
Making a will document in India is not mandatory, and the creation of the document can take some time and effort on your part. However, having a valid will is a significantly cheaper and quicker way to distribute your possessions after death than having your heirs taking the legal route.