A Will is a document that is prepared so that the assets are distributed among the legal heirs as per an individual’s wishes and not as per the succession laws governing an individual’s religion. A Will created through Profaides can assure you that your family bonds remain intact even when you are not around. Here, You will get to know why Will writing is extremely important. For that, every individual today must know and understand “Why a Will is necessary” to substantiate his/her family settling.
Importance of Will
Our life is prone to contingencies and often individuals resort to insurance policies to fortify themselves against future uncertainties. An insurance claim definitely secures the financial stability of such an individual but if proper instructions about the distribution of an insurance claim are missing, how can one expect a smoother execution of such claim?
Hence, we suggest you create a will that clearly mentions each and every detail of disposition of your immovable and movable properties including insurance claims. Even for a single asset like an Insurance policy or a flat/house or a Fixed deposit a Will is required to identify goals concerning estate planning or Business Succession Planning.
Also Read: https://profaides.in/what-is-a-will/
In absence of a Will, the legal heirs would have to obtain a succession certificate to claim their succession. Hence a Will which can now be created in a zippy is always a better option for your estate planning or to protect minor kids / ageing parents. Business Succession planning is also vital for individual into small, medium, large businesses including self-employed profession. Selecting a proper successor/s and action to give such successor/s a rights with legal document can ensure a smooth wealth creation from future business income.
Similarly, all the NRIs should get a separate Will made, according to the Indian laws for all their properties in India. If it is physically impossible to get this done from a Lawyer in India, an NRI can make use of our services for the smooth transfer of assets according to the Will.
It is only a Myth in many people’s minds – that if Nominations or Joint Accounts are made for various properties like flats, bank accounts, shares, lockers, etc. it is not necessary to make a Will.
However please note that it’s the biggest misconception that a nominee or joint holder automatically becomes a legal heir in the absence of estate planning or Succession planning.
A Nominee / Joint Holder can only be a Trustee of your properties or your joint holding in shares and such Nominee or Joint Holder needs to distribute your share in properties to your legal heirs as per your WILL or succession laws. However, physical shares held in companies with a nominee is an exception as per current law; hence nominee of physical shares in a company becomes a legal heir.
Through a Will, one can define his / her feelings, choices as well as guidance or tips in addition to the distribution of properties which can help your family to take action in the future when you are not with them.
However, A Will prepared by an individual who is a Parsi or Christian before getting married is treated as canceled/revoked on his/her marriage. Similarly, in Muslims, a Will is allowed only up to 1/3rd of total owned properties and the rest is distributed equally to the family as per religious Islamic laws like Sharia.
There are different laws for Shia, Sunni, and other castes following Muslim religion. A Will made for Muslims requires a detailed understanding of applicable religious laws and the family of the person making the Will.
Many individuals make a Will as a part of Estate planning or Tax Planning to avoid heavy tax burden. If there is No-Will, all properties will be distributed as per succession laws applicable to the individual as per the religion he/she follow like Hindu Succession Law, etc. – and not as per his/her wishes.
As per Hindu Succession Law – for example if a male person dies without making a Will, all his assets are to be distributed equally to living Mother, Wife, Sons and/or Daughters as Class 1 heirs and if no legal heir is available in Class 1, then the properties go to Class 2 heirs equally viz. Father, Brothers and Sisters.
Not making a Will may create undue conflicts within the family due to confusion about one’s wishes, their understanding of succession laws, and sometimes these disputes end in long-drawn legal litigations in the court of law/media. This is why Will making is extremely important.
We have witnessed many such cases in India as well as all over the World.