Everyone wants the surety and certainty of their money, properties, possessions, estate and their values to be handed on to the people they love and care about.
Who on earth does not need peace when they die?
Technicallythe term ‘Will’ is defined under ‘Section: 2(h)’ of The “Indian Succession Act, 1925”. It means the legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death.
To put it simply, it ensures that your wishes will be honored after you leave this world. It takes effect after a person’s death. It is very necessary to dispose of your estate while you are alive to avoid creating problems in your absence.
To those who find will making and the entire process of will writing as to be cumbersome or unworthy, here are reasons for you to understand the importance of will-making.
4 Important reasons to write your will:
- If you die without making a will, your wealth is distributed as per the Hindu Succession law or Sharia law or Indian Succession act. This may or may not distribute your wealth in the righteous manner.
- Saves your loved ones from spending their time, money and energy in the futile battle of distribution of your wealth.
- The professionals guide you to discover your entire pool of wealth & assets in the most rightful manner.
- Given the uncertain conditions today, in the backdrop of COVID, it becomes all the more important.
Major components of a valid will:
- Be of sound mind
- Be of 21 years of age
- Be signed by a testator
- Be attested by two witnesses
How do you actually get to will making?
- Hire a team of experts: The team of experts will guide you to write your will effortlessly. They will help you discover your entire pool of wealth which you might not be aware of. This is crucial as the assets you may not consider can lead to future trouble.
- Declare that you are taking this step in full consciousness and without any kind of pressure mentioning all the necessary details about yourself.
- Disclose all the information you have figured out with the help of your team of experts.
- Mention whom you want to distribute which part of your asset.
- Sign the will and carry out the legal procedures of two witnesses and the testator signing it.
Voila! Your will is ready. So, now that you know briefly about will-making, a few factors should be kept in mind like you always have to choose your executors wisely as they are responsible for the management of your will. Register your will. Your will is valid until you die. However, if you marry, remarry or get divorced than create a new will, after creating a new will the old one will collapse.
Interesting right? Do not be so lazy to write your will or else your assets will be distributed by law as per their rule.
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