Reasons to have a Will for Property in India

Reasons to have a Will for Property in India

 A will can be defined as a legal document that divides an individual’s intestate amongst his heirs.  In order to carry out persons wish after his death, a will becomes the primary document of execution. There are many reasons as to why an individual should draft their wills and get them registered –

Custody of Children – In case of minor’s, their custody is something that may be challenged after a person’s death. In case both the parents have passed away, the will act as a directive to kith and kin left behind.

Distribution of Intestate – A will is an individual’s mouthpiece after their passing away, this mouthpiece helps with the distribution of property and its execution in accordance with individuals wishes. It helps in avoiding familial fights and arguments.

Avoids the Process of Probate – The process of probate is quite simply the administration of your assets by the court. With a will, it becomes easier and quicker as opposed to without the existence of a will.

Selection of Estate Organizer/Manager – A will helps in appointing an executor who is trustworthy and is responsible in acts of management and distribution of your estate. This appointment is made in the will itself.

Estate Taxes – Estate taxes stand reduced when the property is distributed amongst the members of the family in accordance with the will and hence it reduces financial burden and conflict.

Disinheritance – A will allows you to exclude those who were in normal circumstances going to inherit your property. Will’s can help chart a plan as to how much estate goes into who’s hands and thus an individual can save ones assets from getting into the control of those whom he may not want to make a beneficiary.

Gifts/Donations – One can give away their estate to charity or pass it on as a gift. There have often been situations where we’ve seen huge estates being donated for goodwill.

Legal Encumbrances – Other legal problems such as your estate going to undeserving parties also occur in the absence of a will.  There have been many instances where people have incorrectly benefitted from the passing away of individuals. Wills, cancel out that possibility.

Wills can be changed with change in circumstances.

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