While undertaking estate planning you must go for a will (Ramesh Pathania/Mint )

Three reasons to have a will

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NEW DELHI: Making a will is a responsibility you owe both to you and your family. This legal document lets you decide what happens with your estate after you die.

Hence, while undertaking estate planning you must go for a will. In this piece, we take a look at three main reasons why you should plan to make a will today.

Protects your family

Will is an important and essential step to ensure that all your hard-earned money benefits people you love. A will shields your family and provides complete transparency on how you would like your assets to be handled and distributed. If the children are minor, then parents can decide who will be the guardian or who will care for their children after their demise.

Helps avoid legal tangles

In the absence of a will, one has to get into the respective ‘Succession Act’ which is usually challenging and a long process. Santosh Joseph, founder and managing partner, Germinate Investor Services LLP said, “When someone dies without a will, it means you have died ‘intestate’. When this happens, the intestacy laws are applied that varies greatly subject to whether you were single, married or had kids. A will helps in avoiding any lengthy processes and delay in the distribution of your assets. Having a will ease the way for nominees/legal heirs to get easier access to assets of the deceased.”

Avoids family disputes

A well-drafted will also helps avoid disputes within the family. “In case of joint families or families with strained relationships, the absence of a will can lead to ambiguity in arriving at a decision on the proper distribution of assets. Sometimes it can lead to hostile conversations and disputes that can last a lifetime,” said Joseph.

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