Did you ever wonder about how to convey the last wishes you have in your mind so that everything is clear and your property and assets get correctly distributed to your family? If so, then check this article to know more about making a will, your legal document to take care of correct and informed distribution to your family.
What is all about making a will?
Making a will is a much required yet very much confusing and neglected document by almost everyone. A few generations before it was yet more confusing as families used to be large and the question of distribution of assets used to be more of a challenging task. But if not done, would leave the family strangled and leading to long term non ending conflicts and questions about getting the part of the assets that the elderly left behind. Moreover, there are many government rules which stop from letting your assets be transferred to your family. These rules may sometimes be complicated and sometimes will be easy. But things get much easier if you have written your will. On a psychological side, if you have written your will, then it helps your family to be binded and bitter experiences can be very well avoided.
How to write a will?
Writing a will is a task which gets complicated as your involvements, relationships and extended families and your businesses keep on increasing. The world of yesterday was complicated as the families used to be large and there would be many children and many next of kin. The families of today are complicated as there are multiple marriages leading to multiple children. A person may be living with their wife and then may have co-partners and ultimately may have second, third and so forth marriages as well.
You can write the will all by yourself. But many a times its is better and gives you a confident to have your will written with a legal adviser. A will can thus be written in less than 1000 INR (20 USD) to as high as 15000 to 20000 INR (200 to 300 USD). This can depend on how complicated your family life is, if you had any ex-relationships, any co-habitues, distribution of your business assets and other investments.
Things to remember in writing a will
Do not leave anything out of your will paper. Include each and every asset that you own. Also, if you get new property after you wrote your first will, promptly do update it. Also keep in mind what would happen if you mentioned about a person who would inherit a particular asset of yours, but dies before you pass away. In such a case, you will have to promptly update your will, so that correct information is passed on.
The role of executors in your will
Executors are those people who are being chosen by you to let your will be correctly exercised. Usually, an executor can be a legal adviser or can be one of your trusted family member or anyone whom you trust by heart and knows where you have stored your will.
Property and assets
Find out and mention all properties that you have on your own and also in joint with anyone. Be aware that if you have any joint properties, then they will pass on to only those person who jointly hold those properties, even if you mentioned anything different in your will. Also let known your overseas properties to your lawyer. The distribution of such overseas properties will be subject to laws of that particular country.
Making a joint will
Making a joint will with your spouse/partner helps to reflect what is mentioned in your will, to be mentioned the same in their will. Be aware that such wills do not stand true if you or your partner had any children from their or your previous marriages and relationships.
Making decisions onto who will look after your children can get complicated if you are not with your partner or have divorced from them. Further difficulties can arise if you chose to have different guardians to take care of them. If you have property which will be directly inherited by your child who is not yet 18 years of age, then you will have to assign someone to take care of your child until they turn 18 years of age. If no such mention has been done by you, then the particular social services of your country will take a step in to make proper decisions about what happens when you have not made description in your will.
Also make sure that you have your will being properly witnessed and signed by at least 2 witnesses who are knowledgeable about what you are doing.
If you do not want to give your assets to certain people
If there is someone whom you do not want to give any part of your assets and properties, then make sure that a proper written communication has been made to them about why you are not giving them any property. If such a written communication is not done, then a conflict may rise, especially if such a person is one of those who had been under your care in their younger days.
About partners whom you did not marry and the resulting children
Also, be aware that if you have any partners and had children from such partners to whom you had not married, will not be legally recognized and thus they will not get any part of your property and asset even though you made mention of them in your will. Such mention will be considered inappropriate and can be contested. At the same time, if you are aware of such a fact and did marry them, then still your existing will can get cancelled and you will have to create a new will dated after your marriage.