Funnily most of us (at least many of us) are very busy earning money, but don’t like to spend time in looking after it once we get it. Amazing – see how we act with things which we already have and how we deal with things that we wish to acquire.

Making a will is not going to give you any great pleasure..but it is going to protect what we already have. However in so many interactions with Advisers and Investors I find that the WILL is the most neglected item in many portfolios. IFA would be far better off handling this instead of worrying who will be the next PM of India. There are some times when you don’t need a will…:

  1. What if you were Immortal? Vibheeshan, Hanuman, etc. never had to make a will. They were ‘chiranjeevi’ – which means they would never die. Bheeshma Pitamaha had another blessing. He could choose the date and time of his death. If you are in any of these categories of course you do not need a will. Check your status please.
  2. I am too busy, and cannot take time off to make a will. Great. Your spouse will have a lot of time after your death to search for all your assets, go to the court and try and get a probate. I guess this is an awesome revenge to take on your family for wasting your time and not listening to you. Super. It does not take more than 10 minutes to write your will. 10 minutes. If you cannot spare that please change your language say “I do not care what my family does AFTER I die, my watching the Virat Kohli batting is far more important than making my will”. Ask your dependents too to endorse it.
  3. I just do not have enough. Well Mr. Dhirubhai Ambani also thought the same thing I think. What happened after that is history. Whatever you have, you need a will. Will is not just for the rich, high and mighty. It is for anybody who has assets to be given to the next gen, you should make a will.
  4. I don’t have a lawyer! It does not take much time to get a lawyer – preferably as a group get a lawyer who will explain how to write a will, and go ahead and do it. Stop pretending that God stopped making lawyers. You can find dime a dozen. He will get it registered for you.
  5. Let My Family fight! One very famous music director died intestate because he was fed up of his family. If you are in that category, OF COURSE you don’t need a will. What better revenge! Make your dead mother the beneficiary of your life cover..let your family do the rounds of the court. Well if you don’t want this, maybe you should make a will.
  6. My wife does not read Subramoney! Thank God nobody will nag me about making a will….OMG…there my wife is reading this post!! Now I am doomed.
  7. One doctor asked me “when should I make a will”. I said “before you die”. So in case you know when you are going to die….If not make a will.
  8. What if you have no children? Even more reason to make a will – you may want to give it to your spouse and to some charities after her death. You may need a will and a Joint will too. Check with a lawyer, don’t assume. If you don’t know, ASK. Do not assume. Simple law of life.
  9. But my assets are dynamic – I have still not finished buying all my assets. How can I make my will now? Simple assets are “as per schedule” – and that schedule can be dynamic, no issues.
  10. What if I don’t have all the documents? Well you need your name, address, identification proof…and I am sure all of us have this in our purse, do we not?
  11. If I make a personal will ONLINE will my data be safe? Good Question – check on the quality of website before you put in all your details. Or take a printout and do it the old way..

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  1. Hi,

    could you please do a post on how to make a will..
    basics, where to start, how to register it etc etc..
    or share some experiences of people who you know have done it well

    like all your other articles also share the discipline and thought process part of it…

  2. one more reason, i think, is to present it to the banks, mfs etc for transfer of assets smoothly, even to nominee. i have impression that banks are asking no objection letters from the other legal heirs to pass the amount even to nominee, particularly if the died has no son, daughter.

  3. Probating a ‘original registered Will’ from the court involves long time (6 months or more) along with lawyer fee, court fee, paper ad fee etc., Alternatively one can go for joint tenancy property ownership in suitable combinations such as father+son (joint tenancy), father+daughter(joint tenancy), husband+wife (tenancy by entirety) and joint holding of financial products (Father first holder+Son second holder) in similar combinations. In such cases, WILL may not be required at all.

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