There are 3 ways you can write a will:
- Go to the Internet and download a will format. Fill up the details, take a printout get it signed by 2 people and leave it in your cupboard, and maybe a scanned copy in your gmail account. Brilliant, if nothing goes wrong.
- Go to a lawyer who will do the same thing for you. Long live Mr. Bhandari your book is very useful all of us know how to do a nice copy paste of your drafting book and we can create a will. Works if nobody challenges anything. Pay him his fee of Rs. 5000 for the nice cut paste and printing. Of course registration costs, etc.
- Go to a good lawyer who will sit with you, your financial planner, chartered accountant, and ask you tons of questions. Then he will draft the will for you, redraft it, and then register it for you. He is more likely to charge you Rs. 100,000 for the efforts.
The choice is all yours. I have seen all 3 happening, and all have their plus and minus.
Let me tell you why a pro spends so much time on what looks like a simple cut and paste job. It is because of the following:
- Children may have a conflict of interest between them and the family business, this has to be sorted out.
- Siblings may have very different views about managing an inheritance.
- You may not want to lose your inheritance to a divorce fight
- how do you want your wealth to be used in the future? What would make you happy? Who will receive your wealth? Will it be fair or equitable in your mind? Do you have charitable intentions? Do you own a business that will be sold or run by heirs?You do not want your children to lose money fighting a frivolous claim
So you, the owner, has to answer the following questions honestly:
- how should your wealth be used after your death?
- do you have any specific way how it cannot be used?
- what would make you happy..but would it be very restrictive or simply stupid with passage of time?
- How clairvoyant are you?
- Who will receive your wealth?
- Are there some non family inheritors?
- Will your children pass on those assets without a hassle or will you want to create a trust even when you are alive?
- Will it be fair or equitable in your mind?
- Do you wish to leave some money for charity?
- Who is to inherit your business?
It does not sound so simple, right?
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