India faced one of the most dreaded phases of the Coronavirus pandemic in the year 2021. During the second wave of COVID-19, the influx of negative thoughts and the fear of losing another closed one was at its peak.
Each one of us lost either a relative, or a friend, or a colleague, or even our parents or spouse. However, as access to immunizations and booster shots increased, we began to lose sight of the most crucial lesson the pandemic taught us: the unpredictability of human life and our duty to care for those we love.
We have been conditioned for a long time to assume that financial and succession planning are things of old age. Furthermore, even young people who want to make a will are forced to believe that they must be sufficiently wealthy to be able to do so. This is merely a myth.
A will, to put it simply, is a legal document that states your intentions about who will inherit your assets and how much they will get after your demise. Anyone at any point in their lives can make anything like this. In addition to improving estate planning, having a will can shield your heirs from future legal challenges after your death.
REASONS WHY YOU SHOULD MAKE YOUR WILL TODAY
PROTECTS FAMILY FROM LEGAL DISPUTES
There is a strong reason to have a will, regardless of the complexity of your family dynamics or the number of children you have. It is advisable to eliminate any doubts you may have about your loved ones' ability to assert their rights following your death if you don't have a will. Your family might have to make assumptions about your ultimate desires if there is no will. Additionally, there is a danger that their disagreements will cause conflict and possibly legal disputes. Making a will can take care of this issue.
ESTATE PLANNING AND FUTURE PROOFING
Once there is a will in existence, the distribution of properties can be exactly done according to the intention of the testator after his demise. The inheritance of assets and proportion in which they are to be inherited also becomes crystal clear. A will also helps in better estate planning and future proofing the fate of the testator's legal heirs once he is gone.
APPOINTMENT OF EXECUTOR
You become a testator and have the authority to name an executor when you draft a will. This individual will be in charge of concluding all of your matters while you are no more. An executor is in charge of everything, including asset liquidation and bank account closure. By drafting a will, you may designate the ideal individual to handle these tasks- someone you can trust and who is both capable and reliable. Should your will fail to name an executor, the court will appoint one on your behalf who may not be the person of your desire.
OPTION TO CHOOSE GUARDIAN FOR MINOR CHILDREN
You can designate a guardian for your minor children by using the authority of a will. If one parent passes away, the surviving parent typically receives sole custody under the law. Should both parents pass away, a guardian appointed under the will by you may provide for your children's basic necessities, such as clothing, food, shelter, medical treatment, and education. This is one of the most crucial justifications for having a will. If you do not have a will, your children's guardian may be chosen by the local court. This could imply that your children will be raised by someone you did not select.
DISTINGUISHES BENEFICIARY FROM NOMINEE
A "nominee" is a person who is entrusted with the belongings of the deceased until they must be divided amongst the legal heirs. In contrast, the "beneficiary" is a person who will eventually get the money following your unfortunate passing. The nominee is in charge of allocating the proceeds to the legitimate heirs. The beneficiary may be a trust or organization, or it may be the legal heirs. You can specify exactly who you want to be the beneficiary by making a will.
LEAVE A LEGACY
You can draft a will to accomplish your goal of having a beneficial legacy for society when you pass away. Writing a will allows you to donate a portion of your estate to a worthy cause, thereby preserving your legacy. This is a fantastic approach to help the social cause you care about the most.
STRESS FREE LIFE
It is not always the case that your loved ones will inherit everything you own. For your heirs, obtaining an inheritance following personal laws can be a time-consuming and costly procedure. You may take care of your loved ones and provide them with a simple road map to follow after your death by making or updating your will. You may live a stress-free life as a result of this sense of assurance and tranquility.
The uncertain timeline of human life has made it mandatory for even young adults to make a will. Creating a will is not a complex procedure but the creation of one surely gives you and your loved ones a sense of comfort and security.
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