Having a Last Will and Testament is an important legal document in which you declare your intentions for your property after you die. The concept of making a will has been overlooked by most people in India and even shunned in some families. Having a Will can reduce a lot of legal hassles, since death is inevitable for everyone. We examine the major benefits of having a Will in India in this article.
Distribution of Property
Table of Contents
A last will and testament ensures that your property is distributed according to your wishes after death. Without a will, a person is said to have died intestate. Property of such a person is distributed in accordance with the Indian Succession Act, 1925, or any other Act applicable according to their religion. As a result, a will is a necessity if any family members have special needs children or need a larger inheritance share.
Provide Financial Security
It is possible for one or more family members to require more financial security than the other members due to special needs or requirements. For example, a child with special needs may require more financial resources throughout his/her life, or a child studying abroad may need special financial assistance for a while. In such cases, a Last Will provides a specific individual with more financial resources. According to the Succession Act, if there is no will, the deceased’s property is divided equally without consideration for special needs.
Appointing Guardian for Minors
When creating a will for their minor children, parents should mention the Guardian’s name in case both parents die. It is common for parents without a Will to neglect the chance of appointing a Guardian for their minor children. For this reason, it is advised for parents of minor children to name a person who will act as their Guardian in their Will.
Reduce Legal Hassles
India has over 3 crore cases pending before its Courts, and civil cases can take up to 20 years to resolve, incurring huge legal expenses, time, and effort. Having a Last Will will help avoid costly legal expenses and property disputes among family members and ensure speedy settlement of the deceased’s property.
Inventory of Assets
In many cases, the legal heirs are unaware of the deceased’s assets, such as bank accounts and immovable property. In many cases, the legal heirs do not claim the deceased’s property. There are thousands of crores in unclaimed savings accounts at Indian banks alone. There are also many immovable properties that are unaccounted for. When creating the will, all assets must be listed. With a Will, the chances of the legal heirs losing track of assets of the deceased are reduced.