The Indian Succession Act, 1925 has defined a valid Will as “the legal declaration of the intention of the testator, with respect to his property, which he desires to be carried into effect after his death.”
Write Your First Will Today
Many of us usually postpone writing a Will. Probably because it reminds us that one day, we will no longer be a part of this world. Or many young people think that they do not have enough assets to create a Will. Others think that it is a costly affair and is time-consuming. Some others assume that a Will has to be written only by older adults. All these are sheer misconceptions.
Do not allow any of these excuses to postpone your first Will. Don’t wait until it gets too late. Read through the story to understand why you should write your Will today.
What Is a Will?
A Will is a legal document that puts forth our wishes regarding our assets or property distribution and care of our minor children.
You can write your Will even on a tissue paper and if it’s signed by two witnesses who are not the beneficiaries in the Will, there you are, your Will is DONE!
Without a Will, the government will decide on who gets the descendant’s assets. There is no guarantee that it would go the loved ones whom we want to receive our assets as a gift.
Why Should You Write A Will
It is important for adults of any age group to write a Will. Resolve to write your will today as this legal document safeguards the assets and bequeath it to important people in life, after your death. Find more reasons to understand why each one of us needs a Will.
- Helps you review nominations for each of your assets and properties.
- Your family will become aware of your assets.
- You can avoid unclaimed funds. That means your hard-earned money saved for the loved ones would reach them for sure.
- The conflicts between the relatives or other claimants could be avoided as a Will clearly instructs on inheritance plans.
- It is important to note that, for many financial products, a nominee does not automatically become the owner of the assets after the testator’s demise. For such products, a person mentioned in the Will as beneficiary would become the owner. If no Will is created, the rights proceed to legal hires.
- For financial products where there is no mention about the nominees, Will is the only instrument to indicate your choice.
It Is Important to Register Your Will
A registered Will is in the safe custody of the registrar and so it can’t be tampered, stolen or destroyed. Registration also gives genuineness to the Will.
How E-Will Works?
The concept of an Online Will or E-Will has emerged in the market today and is just one click away. E-Will can be written in 15-30 minutes. With technology, now it is simple to make a valid E-Will. Learn more about the benefits of an e-Will.
Financial advisors like ArthaYantra are extending this facility of E-Will to their Elite customers. Now, writing a Will in legal language is made easy by generating a document online. That document is designed to meet all the necessary legal requirements. So, whatever your age is, make sure to have a valid Will in place. Fulfill your wishes related to your assets, after your demise.
