01 Jul 5 Reasons why you should make a Will
‘A will’ sounds, to many of us, like ‘impending death’. But come to think about it, it actually signifies ‘life’ in more ways than one. First off – you make a will when you are in sound mental health and in complete control of your possessions – in other words, far away from death. It also implies that you have lived, and lived well enough to leave behind some gifts for your loved ones.
Now, if that isn’t enough reason to take the trouble of drawing up your will, here are five very good reasons:
1. Consolidated view of your life
When you make a will, you take time to list every detail of everything you possess and value, including those possessions you had forgotten about. It is an opportunity for you to take a good look at your life and status, in terms of both, your finances and your relationships. The will is a list of not just your worldly possessions, but also people who matter to you. It gives you a bird’s eye view of what your life has been and what it is currently. You see your net worth and your life’s achievements, which include the love you share with your family, your community, and your friends.
2. Control after death
By drawing up a will, you control what happens to your belongings when you are no more. You decide, who gets what and how much. The best part is, if anything changes, you can change your will. Making a will and bequeathing something to someone does not mean you have no right over it anymore. It is yours as long as you live – so enjoy your possessions.
Some people decide to give their belongings away, as gifts to loved ones, during their lifetime. They do this probably to avoid the trouble of drawing up a will. But a gift, once given away, especially by a gift deed, is irrevocable. That is to say, you cannot get it back if you change your mind or, say the beneficiary turns out to be undeserving of your gift.
3. Eliminate hassles and disputes
In the absence of a will, legal and financial institutions often require a certificate of succession. Your heirs may have to spend time and money and face many hassles to lay claim on your property. This is because the onus will be on them to prove that they are indeed the proper and legal heirs and that there are no others.
It is true that wills are often disputed in court. However, written in unambiguous language (preferably with the help of a lawyer) and signed by reliable witnesses, the will can be made indisputable.
Your nominee is not your legal heir!
You may think that assigning a nominee to all your accounts eliminates the need to draw up a will. Know that a nominee is not a legal heir. Technically, a nominee is only the guardian of the property or money, who has to pass it on to the rightful heir. Therefore, your nominee’s right to your money or property can be contested in court.
4. Decide how you die
By drawing up a particular type of will, called the living will, you can provide an advance directive to physicians on how to proceed with your treatment if such a time comes when you are unable to communicate. The government of India recognizes the fundamental right of a person to die with dignity. Hence, you can decide if your life support should be withdrawn at a particular stage. This would save doctors and families the pain of taking difficult decisions on your behalf.
5. Continue to live
A will is a formal statement of the legacy that you leave behind you. By documenting it, you also leave a record of your legacy and your gift to your loved ones. That is something they will remember you by. It is through your legacy that you will continue to live in their hearts for a long time after you leave.
If you need further help or advice, give us a call. TriBeCa Care is happy to be by your side. For more information call us at + 913366064208 or request a callback. We are also available by email at email@example.com