There is always a hesitancy in deciding when to make a will. Probably its the psychological fear one makes a will fearing that death in near which prevents people from making a will.
Another reason is that they feel that they are not old enough or that they do not have enough assets and wealth to make a will.
A Will takes effect only after the death of the Testator. One must realise that death is inevitable and it is important that your assets, however big or small, are distributed as per your wishes amongst the persons you love.
If you die without making a will, your personal laws will apply for succession and inheritance, viz. Hindu Succession Act, Muslim Personal Law (Shariat) Application Act, 1937, etc. Your estate will be distributed as per the personal laws and not as per your wishes.
There are several advantages to making a will:
– Avoids any ambiguity in distribution of assets
– Prevents family disputes over the property
– Ensures distribution of your wealth as per your wishes
– One can appoint a guardian for minor children
– Appointment of an executor of your choice to distribute your assets as per the will
– Can provide how your funeral and other rites are to be performed
– You can change your Will at any time you want
It is also important to ensure that the Will complies with the legal formalities. No particular form is prescribed in law for drafting a Will. It is important that the Will should be dated, signed by the Testator and by two Witnesses who have seen the Testator signing the Will. The Will should list out your assets and specify how they are to be distributed. Although not mandatory, it is also advisable to register the Will at the office of the Sub-Registrar.
Great Article