To wit, if you die without preparing a WILL in India, your wealth will then be distributed as per ‘ Hindu Succession Law’ (Government rules, on how wealth should be divided among family members). If your family structure is diverse, and you want to leave your wealth to different members of family like you want to, you should prepare your WILL today, not tomorrow, not later. How to make a WILL in India and its importance ?Ī will is so important, that it should be your first step in your financial life. – Says Shankar Pai, who has done some commendable work in area of spreading awareness on making wills. However, all apprehensions disappear when I tell them the consequences of not making a will.” There is a misconception that if someone tells you to make a will, the person thinks that indirectly you are telling him that his end is near or that you are eyeing his property. People are not comfortable discussing a will in India. “A will is a sensitive topic to open up to. This isn’t possible if you die without a will.Ī lot of us feel that talking about “Making a Will” is pretty morbid, and hence, we don’t look at it with right attitude. It might happen that according to your family structure and your preferences, you want to divide your wealth unequally or make a provision for a close friend or a faithful servant. It is advisable to write your will in your own hand writing, as the same can be verified later in case of any doubts raised by relatives.
It’s not legally necessary to make the will on stamp paper. You can make the will on plain paper in India. Lets fine out in this article, how to make a will in India ?Ī will can be made by anyone above 21 years of age in India. You need to create a WILL to distribute your wealth in the manner you want to, and having nominated someone ain’t the answer! If you nominated some one in all the financial products you bought and thought that it will be passed to them legally without any issues, you are living in the world of fantasies (kind of :). We will learn about creating a WILL in India today, but before that you need to answer this question – “Do you want to leave your wealth and let your loved one’s fight with each other to get their shares (a la the Ambanis!)?” –
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