Do You Know Who Will Inherit Your Assets and How?
The main aspect of writing a Will is deciding-
These are just some of the questions we are certain you would have thought of. And if not, we encourage you to think about succession planning. Not when you are retired but as and when you add new assets. Today in India around 60% of civil disputes are between family members. In value terms, it is worth nearly $6 billion or about Rs 4L Crore. You certainly don’t want your assets to be added to this tally, do you?
The property or assets owned by a person is termed as estate. Every common man in today’s time possesses some or any of it. It can be movable or immovable. There can also be joint or sole ownership in the property. The estate includes house, land, machinery, shop, building, flat, garage, vehicles, furniture, business, jewellery, cash, bank accounts, financial investments (Insurance policies, mutual funds, shares, FD etc.), intellectual property (trademark, patent, etc.) etc. and debts owed to the deceased.?
If you think appointing a nominee to your assets will also suffice the inheritance of your estate, then you are wrong! Just so you know, the nominee is not the owner but only a custodian of your assets. Writing a Will helps you start the process to list your assets and commit how you want those assets to be shared between loved ones. You can at any point update your Will with new assets or remove and add beneficiaries or re-work the share between loved ones.
Step 1. Figure Out What Is Fair?
Our team of specialist lawyers has done intensive research and has come to a conclusion that just like all fingers are not the same and do not have the same strength. All children or family members may not be in the same financial or even emotional status. It is then a good idea to consider each loved ones unique strengths and their interpersonal relationship with you apart from just relationships drawn through marriage or birth. You may have a friend or a distant relative who stood by you in your trying times or has always supported you in your endeavours. There may be certain institutes or religious groups or even charities that have made a significant impression on your life. All these should be considered in your Will as beneficiaries. A beneficiary is a person who inherits your estate.
You should fairly divide as per the necessity of your beneficiaries or if you want to reward them. The reasons like who has more kids, liabilities and expenses, financial security, who is more interested in your business, family friend/ house help if your children neglected you, daughter is not financially independent and her in-laws are not in a good financial position etc. is where you need to figure what is fair for the beneficiaries.
But never become biased on illogical grounds like the expenses of your children’s education, you have more affection for one child in respect to another, typical gender discrimination mentality, one of your children has fulfilled your dream and others has not, etc. Remember you have to make a fair decision.
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You have the power to decide what is a Fair distribution among them.
Step 2. Should You Discuss It With Your Children??
But not giving equal shares to your children may disrupt their harmonious relationship and there are chances that it will end up in a dispute in the court on various grounds. Clear communication with the family goes a long way in ensuring families do not quarrel and knock on the doors of courts post your demise for your estate. Today while writing your Will you may decide to give unequal shares, but you can always update the share percentage in the future. And it is wise to share this information with family while you are in your prime building assets for the future.
Step 3. Make a Will And Convey Your Reasons
The above-discussed things will make no sense if you do not write a will. If you want to secure the beneficiaries financially as per your desire, make a will today. The last few years have been the epitome of uncertainty. When you are making a will in sound mind, convey your reasons about why you are doing whatever you are doing in the will. Avoid surprise bequests because the discussed Wills have fewer chances to end up in court.
Will ensures your family knows you care and that you have a plan for all your loved ones and those who have impacted you the most.
#BeThatHero you always want to be for your loved ones.
www.aasaanwill.com , an easy, affordable & secure place to start your Will writing journey.
AasaanWill. Zaroori Hai!