Drafting a will is an easy way to divide your assets among your loved ones. With a will, an individual can ensure that their property is bequeathed to their relatives or friends as they want. In case there is no document left behind by a person regarding the distribution of their assets, the property can be subject to legal disputes. Many people in India do not adequately consider the benefits of leaving behind a will.
From safeguarding the interests of minor heirs to distributing your assets in a manner you deem fit, drafting a will has several benefits. Here are some of them;
Smooth distribution of assets: A will results in the easy distribution of property and other assets, with less chances of legal dispute. There is little chance of misunderstandings regarding inheritance arising among the heirs.
Distribute assets as per requirement: If an individual passes away without leaving behind a will, their property will be divided in accordance with the succession laws in India. These laws may distribute the assets in a way that the deceased individual did not want. To ensure that the property is given away as per their terms, a will is needed.
Safeguards the rights of minors: A will is an absolute necessity if you want to secure the financial future of any minors in the family. The legal document will ensure that a sum is set aside for their education and other needs. A will can ensure that the child will inherit a portion of money when they come of age.
Can I draft a will that benefits my family according to my terms?
The answer is yes. A will can be drafted to include any family members and bequeath assets to them. One can also ensure that there is a “life interest” for property, meaning that the person mentioned in the last will and testament will have the right to enjoy the rights of the property for their lifetime. The asset cannot be mortgaged, sold or disposed of in any manner till the life interest clause is valid.
What happens if there is no will left behind by the deceased?
If there is no will left behind by the deceased, the property will be disposed as per the rules of intestate succession. Intestate succession in India follows the Hindu Succession Act, 1956, as well as the Hindu Succession (Amendment) Act, 2005 for Hindus, Jains, Buddhists and Sikhs. The legal heirs are classified into three classes. The property will be given away to nominees in Class II or III only in the absence of other heirs.
For Muslims, Sharia law is used as the reference for transferring property to the heirs. Sharia law is applicable in the matter of intestate succession. The Indian Succession Act of 1925 is applicable for Christians and other matters.
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