A will is a legal declaration a person makes about the way they want their property managed or distributed after their death. In simple terms, a will is a legal document that dictates how you want your assets to be distributed after you die. Although a will is a legal document, there isn’t any prescribed form it must take. For instance, you don’t need to write a will on stamp paper and it can be either typed or handwritten. However, a handwritten will is preferred as it is more difficult to reject. According to the Indian Succession Act of 1925, anyone who is of sound mind and who is not a minor can make a will.
What is probate?
If you die with a will in place, the executor named in the will typically presents the will to the local clerk of court and asks the court to authorize the executor’s administration of the estate.This process of presenting the will and administering the estate is called the “probate” process.
Given below are the top 10 reasons to have a Will
1. Protects your Estate
2. One can disinherit individuals who would otherwise stand to inherit
3. A will establishes legal guardianship of your children if they are still minors
4. To avoid a lengthy probate process
5. Minimize estate taxes
6. You decide who will wind up the affairs of your estate
7. Make gifts and donations
8. A Will May Reduce Family Conflict
9. A Will can be amended any time
10. Save time, money, and stress for your loved ones
Everyone should have a Will, no matter their age or circumstance. Especially at a time this when the word is facing a pandemic, it is important we all feel secure that our families will be suitably cared for when the time comes and creating a Will is a way to do this. It is important to review your will every five years to ensure that it’s up to date and still reflective of your future wishes.