When it comes to drafting of wills, it is a really important task in your life. Drafting a will can hugely benefit your family members and other loved ones to whom you eventually wish to bequeath your assets, accumulated wealth and properties. As a result, you should always understand the importance of writing a will when it comes to safely and legally laying down the distribution of your own assets amongst those you love and care for, and most importantly, wish to see safeguarded financially in their futures.
You can try making a will yourself or you can make it from reliable online will companies or consult a lawyer. There must be two witnesses present when will is signed to ensure that a will is considered valid. There are several major benefits that arise for loved ones and family members, when you make a will.
- The biggest benefit of creating a will is that your assets and other properties get smoothly distributed amongst family members and loved ones in case of your demise, without sparking family disputes related to succession or inheritance or any legal issues
- Whenever any individual dies without leaving behind their will, all their assets get divided/ distributed based on the applicable succession laws, which may not be as per the wishes of the deceased. The letter of administration or succession certificate may take a long time to be obtained from the court, leading to further delays and legal costs in wealth distribution between the remaining family members
- Not having a legal will draft would lead to chances for misunderstanding, disputes and problems within the family, after the demise of the individual concerned. This only causes breakdown of relationships amongst family members, since they may have differing opinions on the share of wealth they believe, is rightfully due to them
- The world is unpredictable, and life is short! So, creating a will is always best, even if you are not in your twilight years. You should have a will and periodically review it, based on the assets that you possess at that moment, including investments, insurance policy payouts and other assets
- Drafting a will might help you safeguard the interests of minor children or differently abled child by setting up of guardians and trusts, which may not be possible otherwise. Their rightful share can only be preserved, if you legally leave them a part of your wealth or the whole of it, depending on your wishes
- A will is a must even if you only have single assets like a home, life insurance policies, bank accounts, gratuity/ demat accounts, FDs and so on
- Nomination is never a complete solution, since the nominee is not the legal heir and can only collect money to function as a custodian, on behalf of the heir in question
These are some major reasons why you should always make a will. It is prudent to do so, considering that you should always act in the best interests of your family members and loved ones, to ensure their financial stability and peace of mind.