Human beings are mortals. They should make arrangements for orderly succession, after they disappear from the scene. Making a ‘Will’ is one such tool. A will means, that it is you who will decide who gets what after you die, rather than the prevailing state laws and courts deciding on the matter. 

Wills can distribute property, name successors for office, name guardians for children, forgive debts and so on. It is just typewritten or handwritten legal documents that are signed and witnessed. Let’s find out why making a will is important:

Prevents intestate succession:

In the absence of a will, state laws also known as “Intestate Succession Laws” will decide which family members will inherit your estate and in what proportion. In most states of India, proximate family members like your spouse, children, or parents get your property under intestate succession laws. 

If you want other people or organizations like friends, distant relatives and charitable organizations to inherit some of your property,  intestate succession laws do not allow the same. Only a will can make sure that your wishes are followed.

May reduce family conflict:

Particularly in special situations like the will-maker taking a divorce or having a second marriage, the division of estate becomes more complicated between the children from the two marriages. Making a will can give you peace of mind and prevent your family members from fighting over your possessions.

Does more than just distribution of property:

Though the central theme of most wills is distribution of a will maker’s property, it can also do much more. For example, you can use your will to:

• Name an executor to implement the distribution of your estate.
• Name guardians for your minor children and their property.
• Create trusts for your children or other young beneficiaries.
• Forgive loans given by you or debts receivable by you.
• Name successors to your office.

Minimizes estate taxes:

Another important reason to have a will is that it allows you to minimize your estate taxes. The value of property that you give away to a charity or public purpose will reduce the value of your estate when it comes to pay estate taxes.

Make sure your will is legally valid:

When someone makes a will, it has to be adhere to the prescribed legal requirements. Generally, wills are typed formal documents that must be signed by the will- maker and two neutral witnesses who won’t get any property from the will. Some states allow wills that are handwritten (holographic wills) and such wills don’t require witnesses. But such handwritten wills without witnesses can create difficulties and disputes after death, with allegations of forgery etc. 

A living will:

A living will has nothing to do with the distribution of assets but it is where you lay out all the nuts and bolts of your end of life medical care. It is also called an advanced healthcare directive. If you end up in a coma or unresponsive situation in the hospital, a living will can help your family members to decide on how to handle your terminal medical treatment.

How do I get a will prepared?

When you are ready to prepare a will, compile a list of your assets and debts. Be sure to include the contents of safe deposit lockers, items of sentimental value, art and other assets that you wish to transfer to family members and other entities. If your estate is substantial or your situation is legally complex, you may take the assistance of an attorney, who is familiar with estate laws and has experience in writing wills. 

What do I do with the will, once It’s done?

Making your will is the first step in a two-step process. The second step is putting your will in the hands of your executor or a professional advisor. Putting your will in capable hands ensures that it will be available when it is needed.