In our last article we have established that just declaring nominees will not ensure that our wealth is distributed as per our wishes. In case you have missed it please read the previous article before proceeding
Given the unpredictability of life, especially with our modern lifestyles, we can never truly know when death will knock on our doors. For generations we shied away from discussing asset distribution and perceived it to be an act of selfishness, but isn’t ensuring that our family leads a better life long after we are gone, the true act of love?
A Will is the most effective way to prevent conflicts among loved ones and ensure that everything we’ve worked for is distributed according to our wishes. Research by one of the NGOs says around 66% of Civil and Criminal cases in India are property dispute cases. I believe the majority of this could have been solved with proper Will in place.
There are many myths surrounding the creation of a Will and this article aims to simplify the concept of Will and clear the myths around it.
Let’s start by understanding the basic definitions first.
What is a Will?
Will is a legal declaration of a person’s intention to give his/her property to another person who may be or may not be a legal heir is called a will. A will takes effect after the death of a person.
Myth 1: Will is for only the wealthy
Will is a way to legalize your choices of asset distribution. It is to ensure your assets are distributed as per your wishes and no one can override it. These assets can be anything one owns, be it as small as a piggy bank.
Myth 2: Drafting Will involves complex legal processes
Does the word “legal” in the definition scare you? Does it mean we will need the help of lawyers to draft a Will? Does it have to be on a notarized paper?
The answer to all these questions is a ‘NO’
A Will can be drafted on any plain paper, from the comfort of your home, in your own language. The only essentials of a Will are:
- Person should be in sane mind while drafting the Will.
- Person should be a major, that is above 18 years of age
- Sign by the person who is drafting the Will
- Sign by two or more witnesses. These witnesses can be anyone you know who can testify the signing of the Will by the testator
Myth 3: Once a Will is drafted it stays forever
A Will can be modified as many times as possible. The latest Will at the time of death of the testator(person who is drafting the Will) is considered as the final Will which overrides all the previous Wills.
To conclude, drafting a Will is as easy as drafting a small text message. Let’s take control of our lives when we are alive and long after we are gone. Let’s ensure our family cherish our memories long after we are gone and not struggle to claim what we built for them.
