Benefits of Having Last Will
Benefits of Having Last Will
Last Will and Testament is an important legal document for every person, declaring his/her intention for the property after death. The concept of creating a will has been overlooked by most persons in India and is even shunned in certain families. However, death is inevitable for everyone, and having a Will can reduce a lot of legal hassles. In this article, we look at the major benefits of having a Will in India.
Distribution of Property
Last will ensure that property is distributed as per your wish after death. In case of no will, he/she is said to have died intestate. Then property of such a person is distributed as per the Indian Succession Act, 1925, or any other Act applicable as per the personal religion. Hence, the will is a must if there are any special needs children or if any person in the family needs to be given a larger share of the inheritance.
Provide Financial Security
In some cases, one or more family members could need more financial security than the other family members due to special needs or requirements. For instance, a special needs child might require more financial resources throughout his/her lifetime, or a child studying abroad might provide special financial assistance for some time. In such cases, Last Will provides more financial resources to a specific person. In case of no will as per the Succession Act, the property of the deceased is divided equally without consideration for special needs or requirements
Appointing Guardian for Minors
Any parents creating a will for their minor children should mention the Guardian’s name in case of the death of both parents. Parents without a Will neglect their chances for appointing a Guardian for their minor children. Hence, it is advisable for parents of minor children to create a Will naming a person of best interest to act as Guardian.
Reduce Legal Hassles
There are over 3 crore cases pending before Courts in India, and civil cases can linger up to 20 years in a Court incurring huge legal expenses, time, and effort. Having a Last Will will ensure speedy settlement of property of the deceased and help avoid costly legal expenses or property disputes amongst family members.
Inventory of Assets
In many cases, the legal heirs are often unaware of the assets of the deceased person ranging from bank accounts to immovable property. Often, the property of the deceased is unclaimed by the legal heirs. Indian banks alone have thousands of crores in a dormant savings account that are unclaimed. Also, many immovable properties are left without track. So it is required to list all of the assets while creating the will. Hence, the chances of the legal heirs, losing track of assets of the deceased, reduces with a Will.
Easily create a Will online at IndiaFilings.com