A will is a legal document that allows you to decide how your assets and wealth are distributed. A well-written will prevents disputes, protects the interests of those who want to benefit from your assets (like your family and children), and provides survivors with a record of your holdings.
Distribute your wealth: A will is one of the best ways to ensure your wealth and assets are distributed according to your wishes.
Record of your assets: Your family may not have a full view of all your assets. A well-drafted will gives your family a clear inventory of your assets and avoids cumbersome legwork.
Prevent legal disputes: A will that clearly outlines how you want to distribute your wealth can prevent property disputes from breaking out among your family after your death.
Protect financial interests of minors: The assets that minors inherit are vulnerable. You can use a will to appoint a guardian to safeguard the interest of your young children.
Discharge your obligations: You may have debts or other obligations you may want to complete in your absence. You can use the will to make provisions for these.
To ensure your wealth is distributed according to your wishes, you must draft an airtight will that leaves no room for ambiguity. JM Financial Services Limited experts and associates can guide and assist you with the will creating process. From understanding your objectives to drafting the will to appointing an executor, our relationship managers will work with you to ensure everything is in order.
FACTBOXhttps://scroll.in/article/925875/73-urban-indians-do-not-know-about-their-right-to-make-a-living-will-finds-a-survey
The plan and process in which your wealth and assets will be distributed after your death is known as estate planning. A will is an important part of the estate planning process. A will is a document that outlines all your assets and how you wish them to be distributed and to whom.
There is no prescribed time by when you should make will. But you should make one whenever you accumulate assets and wealth. A will ensures that you assets go to the beneficiaries that you nominate. Review your will every few years so that the document is as updated as possible.
People typically name members or their family as beneficiaries. This could be a spouse, children, parents, or siblings. But you could name anyone as a beneficiary, including friends, colleagues, charities, employees. You can also name multiple beneficiaries, who will receive specific bequests from your estate.
Yes, you can revoke an existing will and write a new one or change it by adding a codicil or addendum.
