Why you need to make a will?
Look at some of the excuses that people give for not making a will:
– I have a lot of money, but so do my kids. They will not fight for Rs. 50 lakhs.
So true. I heard of a family which fought for Rs. 50, 000 crores, I am sure you did to!
– I am not like Birla…my money is not worth fighting over. NOBODY (REPEAT NOBODY) is going hungry because of the ‘Will’ fight between Birla and the Kedias.
I have heard of cases where the son has refused to pay for the younger brother’s college fees. I know of a brother who refused to pay for his sister’s marriage expenses.
Please clarify which investment is for which goal, make a will, specifically say Rs. 20,00,000 lying in ‘ABC mutual fund’ is to be used for Miss. S (my daughter)’s education, marriage,…etc. ONLY.
Remember you will not be around to answer the questions – so the clarity has to be fantastic….just a thought is not enough.
BHARAT SHAH
i think, a will is required even for sake of declaring ‘will’ of the person, his/her preferences even for donating the left over assets. recently my eldest brother’s childless widow died without making a will leaving assets @rs. 10 lacs , though i asked her for making a ‘will’ on a piece of paper for stating her wishes. now no brother is interested in her assets, but we have to donate as per our preferences, which may differ among brothers.
param
subra, while i found typical samples of will for property, none of them cover the guardianship of minor children & trusteeship of assets for their benefit. is this something individuals can do themselves or is going thru a lawyer the only option? the few legal options i approached wanted to know upfront how much is the value of assets i have before quoting a fee for work, which i don’t feel comfortable about… any suggestions?
Banyan Financial Advisors
A very important point you have raised Mr. Subra. People tend to ignore making a will or often confuse a Will with a Nomination. My analysis of a nomination in http://insight.banyanfa.com/?p=162 reveals that a Will overrides a nomination. Hence it is very important for a person to prepare a will so that their assets are not lying in limbo and waiting for painfully long court cases to identify the actual beneficiaries.