You have lived all your life saving every penny for the future of your children so that when you die, everything will be transferred to your children. Wish it was that easy! It is not a piece of crockery set or a luxury watch which you will be giving to your kids or for that matter to your wife after you are gone. Here we are talking about valuable assets like a house, a plot of land, jewellery, car and money. This is done by drafting a will – a legal document that categorically specifies who will inherit your wealth and your prized possessions. Your will might also include charitable contributions, organs donation, specify funeral arrangements, etc.
Especially if you are the head of the family, this is the most important thing that you should be doing lest it will become very cumbersome, not for you but for your posterity. To start with, you can write your will by yourself but it is suggested that you take legal help, more specifically from lawyers who specialize in such matters. Also remember to bring in a witness while signing it to make it legally valid.
You should write it down carefully as to whom you would like to make the benefactor of your possessions and when i.e. the age of the benefactor. In case your children are not yet legally adults, you should mention who will be the legal guardian of them. Though there is no hard and fast rule as to where you should keep your will, it is normally kept in a safer place. Or you can also keep it in the hands of your lawyer. But do not forget to tell this to the person who will carry out your will.
In case of life insurance policies, the amount of money will eventually go to the person whose name is in the beneficiary form at the time when you have opened your account irrespective of the name that you mention in your will. So be extra cautious about the names of your beneficiaries and make the necessary changes if need be. It is not only your wealth that you should keep in mind. A situation may arise when your children have not attained adulthood and you want to include a letter stating how you'd like your children to be raised and educated and by whom. Then again, it might so happen that the guardian you appointed is not available or is unable or unwilling to take care of your children. Then you will have to make a second choice and include that person’s name on your will.
It is an altogether different scenario if you do not have a will before you die. In that case, you cannot be sure that your valuables will go to the person or persons you wanted to transfer to after your death. It is also suggested that you do not consider writing a joint will with your spouse and instead make your own separate document. Though it seems practical and less burdensome, the reason why you should make separate wills is because the joint will binds your partner’s wishes with yours and vice versa. It does not leave much scope for the surviving partner to change the contents if he wishes to in some future date.
It is to be noted that you should also keep updating your will from time to time because laws as well as situations keep changing and you have to keep pace with the changing times. For example, you might go through a divorce, enter into a second matrimony or have additional members in your family like grandchildren. Moreover, inheritance tax and gift tax limits also keep fluctuating very often. You can, therefore, see that preparing a document is no child’s play. It needs minute observation as a lot of terminologies go into it which is beyond the comprehension of the common man.
Although you can consult lawyers for such a job, you may also take advice from credit health improvement companies since you have to keep abreast with your credit life too. Bringing onboard vast experience into this field is Credit Sudhaar, India’s first and leading credit health improvement company. They have experts who are adept in putting forward valuable inputs and astute insights which have proved to be utterly helpful for clients in the long run. They cater to hundreds of clients on a day to day basis; so you can judge their expertise for yourself. So seek professional assistance and play safe in your will.
Make your Will before it is too late