Where there is a WILL, there is a way!

Let’s unravel the intricacies of Will planning, ensuring the financial wellness of your family and loved ones.

Life’s an adventure but have you considered what happens to your assets and wealth when you’re no longer here? Will it become a misadventure for your loved ones after you are gone? Will planning is your true compass in this journey, guiding you to safeguard your legacy and secure your family’s future. Join us as we embark on this critical voyage of Will planning for your and your family’s financial wellness.

Well, why should will planning matter to me? I am not so rich or old yet
Will making isn’t just for the affluent or elderly-it’s a critical aspect of financial planning for all of us. Whether you’re evolving in your career or a well-established name, your assets and belongings require prudent management. By understanding the significance of a Will, you not only secure your family’s wellness but also bolster your financial resilience. Let’s dive into this essential facet of financial wellness.

Still wondering, what if someone chooses not to make a will?
Neglecting to make a Will means your assets will be distributed based on intestacy laws (personal laws or inheritance laws specific to your country), and not your preferences. This could spark disputes among heirs and add stress to all parties involved. It will also delay the distribution and make the process extremely cumbersome. It also adversely affects financial, mental and social wellness, causing uncertainty for loved ones, disrupting financial goals, and straining relationships.

Hmmm, so what exactly is a Will?
A Will, in legal terms, is a formal document that expresses an individual’s choice in distribution of their assets and possessions after their demise. It serves as a legally binding instrument that outlines who will inherit the deceased’s property and how will it be distributed amongst the beneficiaries. A Will acts as a testament to the deceased’s intentions, ensuring that the assets are distributed according to their choice and minimizing the potential for disputes among family members or other parties. It is a fundamental aspect of financial planning and plays a crucial role in providing clarity and guidance in matters of inheritance and succession.

Ok, sounds important, but drafting a Will seems daunting. Where do I start?
Before you start writing your Will, it’s important to know about the laws that may apply to your situation in India. It’s important to understand these laws (example Hindu Succession Act or Indian Succession Act) so you can plan and draft your choices wisely. Then create a comprehensive list of all your assets as detailed as you can. Next, decide who will be the beneficiary for the Will. There are also other critical factors to consider such as executor, guardianship, contingencies, joint ownership etc. It is recommended to keep the Will updated regularly.

I think I am ready, tell me step by step – How can I draft a Will?

Sure, here’s a simplified step-by-step guide on how to draft a Will:

List Your Assets: Begin by making a list of all your belongings, including estate, bank accounts, investments, and all personal assets or belongings.

Choose an Executor: Select a reliable person, preferably of a younger age, whom you trust to carry out your choices as outlined in your will. This individual will be responsible for executing the distribution of your Will. Will should include Executor’s contact details.

Identify Beneficiaries: Decide who will inherit your assets. This could include family members, friends, or even organizations.

Be Specific: Clearly state how you want your assets to be distributed among your beneficiaries. Provide details about which assets or parts of assets go to each beneficiary. If required, put timelines and conditions.

Include Contingencies: Anticipate potential scenarios and include provisions for those in your will. For instance, specify what should happen if a beneficiary passes away before you do.

Consider Guardianship: If you have minor children, appoint guardians who will take care of them if you’re no longer around.

Consult Legal Professionals: While you can draft a Will on your own, it’s wise to seek legal advice to ensure your Will complies with all relevant legal requirements in your country and is a legally enforceable document.

Choosing your Witnesses: Select 2 witnesses who will be required to be present as eye witnesses when you sign the Will. Witnesses need not know the content of the Will.

Execute the Will: Sign the Will in the presence of witnesses, as required by law. Ensure that the witnesses also sign the Will. There are cases where the Will has been declared invalid without proper signatures of the witnesses.

Keep the Will Safe: Store the original copy of your Will in a secure location, such as a safe deposit box or with your lawyer. Inform your executor and loved ones about the whereabouts of the Will.

Following these steps will help you create a clear and comprehensive Will that reflects your wishes and ensures that your assets are distributed according to your desires.

So, Should I draft a will on my own or seek Professional help?
Whether to write your Will yourself or seek professional help depends on your individual circumstances and comfort level. Some factors to consider will be cost, ability to make changes over time, expertise required, complexity involved, etc. If you have a straightforward situation and are confident in your ability to draft a clear and legally binding Will, writing it yourself may be sufficient. However, if you have any doubts or your situation is more complex, seeking professional assistance is advisable to ensure your choices are properly documented and executed. If the Will is registered with the jurisdictional registration office of residence address of the person, the registered copy of the Will will serve as an evidence of the actual Will, in case the Will were to get challenged.

At WCI, financial wellness is considered as a core dimension within one’s overall wellness. WCI members can benefit from our upcoming webinar on Will making. Check https://wci.org.in/ for details, and stay tuned for updates on our upcoming events to gain valuable insights across all dimensions of wellness. We wish all our members and readers a WELLthy journey ahead!