A will is a testamentary document that lets your property or financial assets belong to others after your passing away. In India, wills are governed by Indian Succession Act, of 1925, for Hindus, Jains, Buddhists, Sikhs, and Christians. Under Hanafi law, Mohammedans are governed to make a will for their succession.
Creating a will is strongly advised by legal experts and financial planners to ensure a smoother process of asset transfer to intended beneficiaries. By having a Will in place, individuals can specify their wishes and protect their loved ones from potential complications and disputes after their passing. Below, we will cover most of the common consequences of making or not making a will before you die.
Smooth Asset Transfer
One of the primary reasons to have a Will is to facilitate the efficient transfer of assets to the desired recipients. Without a will, the distribution of assets may be subjected to the laws of intestacy, which may not align with the deceased individual’s intentions. By creating a will, individuals can specify their beneficiaries and allocate their assets according to their wishes, minimizing the risk of disputes is among family members.
Legal and Financial Complexity
The process and cost of asset transfer vary from case to case, and having a registered Will can streamline the legal and financial aspects. In some cases, obtaining a succession certificate from the court may be necessary, or certain banks may require a court order to transfer assets without a registered Will. These additional legal requirements can be time-consuming and expensive. By having a Will, individuals can simplify the process and potentially reduce the associated costs.
Protecting the Rights of Loved Ones
A registered Will acts as a legally binding document that ensures the protection of the rights and interests of near and dear ones. It allows individuals to appoint an executor who will oversee the distribution of assets according to their wishes. By clearly specifying beneficiaries and their respective shares, a Will helps avoid confusion and potential conflicts among family members, ensuring a smooth transition of wealth.
Avoiding Intestacy Laws:-
Intestacy Laws determine how assets are distributed when an individual dies without a valid Will. These laws vary by jurisdiction and may distribute assets differently than what the deceased person intended. By creating a Will, individuals have control over their estate and can ensure that their assets are allocated according to their personal preferences.
Overall, a Will should be created beforehand, as it will provide more assurance and security to your assets. It simplifies the legal and financial aspects for beneficiaries, reduces the risk of disputes, and ensures a smooth transition of wealth. By taking the time to create a Will, individuals can protect their loved ones and leave a lasting legacy according to their wishes.