Writing a Will isn’t about You!

• HDFC securities
• 13 Jun 2018
• e Will

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 the last will? I’ll be dead by then anyway."

 

The thought of making a will is always saddening. However, writing a last will isn’t 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."

 

Many disputes can be resolved 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.

 

It is natural for loved ones to become overwhelmed 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, transferring title of bank accounts, 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 your family will think about when 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 a death certificate, etc.

Secondly, 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.

 

Until you die, the will is only an expression of your intentions. Therefore, it can be changed as many times as you wish. You can, during your lifetime, dispose of 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.

 

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