Making a will is simple? Making a `Will` seems to be a simple job; just download a Will, fill in the details and your Will is ready. Or so you think.
What can go wrong?
Scenario 1: One child depriving the other children of their rightful share: Especially if the other children did not know about the existence of the asset. In case you wish to make sure that some of your children do not deprive the other children of the money, make sure you say it in your Will, loudly!
Scenario 2: I have to look after him, and so his house should belong to me! Though it sounds `justified` giving all your assets to one child who took care of you may not be a great idea. Pay the `caretaking` child a nice salary : after all you will pay a full time nurse, will you not !
Let us say you think your `sacrificing daughter` deserves a salary of Rs 30,000 a month that will amount to Rs 360,000 a year, for 5 years that will amount to only Rs 18 lakh, not Rs. 1.7 crores as she claims!
Scenario 3: If you have more than one marriage, ensure that the children of the first wife, the first wife, the second wife, and the children of the second wife are not in any kind of a financial `joint relationship`. Simple, but true, you need to separate them and your Will has to be well drafted.
Scenario 4: Your daughter wants to move in with you to look after you. How noble! But after 3 months she asks to be made a joint owner in your property. You oblige. She had `forgotten` to tell you that she is a guarantor to her `artist` son`s TV serial venture which ran aground 2 years back. Can the bank start chasing YOUR PROPERTY? You bet!
Scenario 5: You spent Rs 5 lakhs on your son`s education and Rs 12 lakhs on your daughter`s wedding expenses. So he wants a bigger share in the inheritance. Just communicate.
Scenario 6: Your son is doing very well for himself, likes his sister, but knows that brother-in-law is a bum. If you leave more for your daughter, he might ask “Are you punishing me for doing well in life and leaving your money to that bum!`. Communicate, do not assume.
Scenario 7: You loaned Rs 10 lakh to your son when he bought that penthouse, he knew you had the money and you gave. Now he is avoiding your calls! What do you do? Most importantly let the other children know it, and ensure that this is mentioned in the will; now dividing the rest of the assets equally is unfair.
These are of course just samples.
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