Today I am not writing about the latest on Covid 19, as it looks like the virus is spreading at very fast rate and within next few days, we may enter the top 10 country list who are infected by this virus. My today’s blog is on a general topic, which is relevant in modern times :
Friends, many times you must have heard stories about how the spouses or children of those who die and leave this world, have struggled to get the affairs of the deceased in order. In many cases, the absence of will create lot of issues, as that can throw lot of claimants and thus creating confusion and legal hassles.
Here comes ‘ THE IMPORTANCE OF MAKING RIGHT WILL’
Some times even a will which is made without giving a proper thought to all the situations that can occur, also can raise lot of issues. So it is very important that one must make an adequately worded will, for the ease of near and dear ones, after one leaves the world. It is best while making a will a legal assistance should be always taken, as a legal person can guide you about many issues and ensures that there are no ambiguities in it. Also , certain “must” declarations like it is being made in one’s free choice with a sound mind etc, along with valid signature done in the presence of two witnesses with details. Few points which should be kept in mind while making the will :
Cover all your assets– Make a list of all your assets and ensure that each and everything is mentioned in the will very clearly, as to whom the asset goes after the death. It could be gold, real estate, bank deposits, lockers, shares and equities, insurance policies etc. When every thing is covered than it becomes easier for the family members to follow up and get things done.
Being very specific– Please mention in the will , where the property papers are and what all they are, provide past details like when it was purchased, and details if possible to make sure that they get the full picture, and will not have any future claims from others. While mentioning the inheritance, use full and proper names of every one who is their in inheritance list. It is better to be safe that way as otherwise, there could be contention on that basis as well. Also state the person’s relationship with you very clearly.
Will update– many people are apprehensive of making will, because of they have feeling that it is like preparing for your death, a superstition of sorts. However with all the advanced medical technology, access to healthcare and insurance etc, the life span is gone up in India. So it is possible that people may live long life, and if they have made their will in their 50s or 60s, it might have to be often updated, for as long as they live. People may sell or acquire new assets, situation may change which might prompt change in inheritance wishes, bank accounts or lockers may be closed or opened in other bank. So proper update of will should be done, as and when it becomes necessary.
Appointing proper executors of the will– A will should have proper executors named for the sake of its implementations. That person is responsible for ensuring that whatever is written in the will is communicated to the concerned people and follow through as well. This is why it is best to appoint a proper legal counsel or third party person as the executor, so that no connivance of any sort happen in execution. Often there are stories of people destroying the original will and making fake ones for the sake of usurping properties.
Not just death but illness as well– Typical human nature is that we do not like to think of ourselves as dead or having any terminal illness, or being in coma. But a will should, in fact talk about all these situations. It is important to know when you are in any such situations, as to who will run the affairs and what all they can do. A legal counsel can advise you that, you may even appoint a power of attorney to take care of the affairs or can even control what line of treatments should be done for you or not. In case for your treatment additional funds are required, the person having power of attorney can decide from which assets the additional funds can be arranged.
In the present times , make certain that you do part with any of your assets before the death. If you have mentioned in the will that certain asset should go to your such and such relative, make sure that even you have willed the asset to that person, please do not transfer the same to that person in your lifetime.
Friends, hope this information is useful for you.
Awaiting your feed backs/views/comments.
Anil Malik
Mumbai, India
20th May 2020.
R. N. Mungale.
Very useful information.