Monday, 19 May 2014

Writing a Will isn't just about you

We often hear people say: "I haven’t prepared a will because I’m not old enough to die right now!" Or "I’m too lazy, I’ll do it later." Or "Who cares about a last will? I’ll be dead by then anyways."

This always makes us a little sad because writing a last will isn't just about you or your convenience— it’s about your loved ones and their happiness. In argument, the same people reply: "Why make a last will, it’s obvious who’ll get my possessions anyway." Read our answer to that here.

Many disputes can be resolved at the very outset if there is a clear disposition of one’s wealth and assets in a Will. It will not be out of place to mention the Late Mrs. Indira Gandhi and her daughter-in-law, Manekar Gandhi, who were embroiled in a litigation concerning the assets of the Late Sanjay Gandhi. Had Sanjay Gandhi left behind a last will, the possibility of any dispute surfacing between his mother and his wife would have been very unlikely and all would have settled in peace.

Being overwhelmed is natural for loved ones when a family member passes away. Throughout these emotional times, there’s a lot to cope with. Children to handle, funeral arrangements to be made, banks after your life, taxation claims…the list is endless. Many people have a hard time filing their taxes at the best of times, so imagine trying to do it shortly after your loved one has passed away. It’s dreadful!
There are 2 key points to understand:

Firstly, taking care of the paperwork is the last thing you want to do when you’re grieving for a loved one. Bureaucracy is much easier with a Will in place. Furthermore, the Will allows you to choose an Executor for your estate who handles all these trivial tasks of clearing debts, filling for death certificate, etc., and

Given the emotional toll on your family, it may make sense to appoint another family member or trusted friend to take care of the paperwork. 

We find it so odd that people care about their loved ones while they are alive, but leave them with legal messes after they die without a last will. Until you die, the will is only an expression of your intention. Therefore, it can be changed as many times as you wish. You can, during your lifetime, dispose off any property mentioned in your will. The will only applies to those assets, right and interest which are owned at the time of death plus any future or contingent interests.

It only takes about 30 minutes to write a Will at and costs less than a month’s dinners and movies.

Writing a Will isn't for your benefit, it is for your loved ones. So, don’t hesitate.

If there's anything of sentimental value that you want to give to specific people, mention it in your Last Will. Don't rely on simply telling people. Make it easier by putting it in your will.

No comments:

Post a Comment