Legacy of Love: Crafting a Will to Secure Your Future
Introduction:
In the vast tapestry of history, wealth disputes have echoed from the ages to contemporary times. Today, we explore the relevance of a Will, a powerful tool often underestimated by the masses. PIB data from 2016 reveals that a staggering 76% of cases pending in Indian Courts are related to Family and Property Disputes, emphasizing the urgent need for proper succession planning through a Will.
The Backdrop:
History teaches us that disputes over wealth are timeless. In modern India, over three-fourths of court cases revolve around family and property disputes. These legal battles, often lasting a decade, bring financial, emotional, and mental distress to families. The absence of proper succession planning or a Will is a common thread in these struggles.
What is a Will?
A Will is a written document that becomes your voice after you pass away. It articulates your desires regarding the distribution of property, appoints guardians for children, and outlines specific instructions. Having a Will ensures that your life’s work is managed as per your wishes, providing comfort and clarity to your loved ones.
Importance of Will:
Dying without a Will invokes “Intestate Succession Laws,” where state laws decide inheritance. The Hindu Succession Act, Indian Succession Act, or Muslim Law govern this based on one’s religion. Making a Will allows you to distribute your property differently, leaving gifts to friends, organizations, or distant relatives. It also aids in tax-saving and stamp duty reduction.
Myths and Facts:
- Registration: Not mandatory but recommended for added security.
- Stamp Paper: Will on plain paper is valid.
- Nomination: Nomination is temporary; succession laws prevail.
- Gifts vs Will: Will transfers property after death, while gifts relinquish rights immediately. Stamp duty applies to gifts.
- Cost and Time: Online platforms like dilsewill.com make Will-making affordable, accessible, fast, and secure.
- Timing of Will: Death’s certainty and uncertainty of timing make early Will-making essential, especially in the context of a global pandemic.
- Lifetime Will: Can be changed multiple times; revisiting every 3-5 years is recommended through codicil.
What not to miss when making a Will:
- Age and Sound Mind: The testator should be of the age of majority and have a sound mind.
- Doctor’s Certificate: Recommended as proof of sound mental health.
- Signing: Every page signed by the testator in the presence of two witnesses.
- Attestation: Will should be attested by the two witnesses.
- Video Recording: Recommended for added security.
- Communication to Executor: Inform the executor about the place of storage.
- Finality: Clearly mention that this is the last will superseding all others.
Additional Insights:
- Legacy Planning: Consider specifying your wishes for sentimental assets and heirlooms, ensuring a meaningful legacy.
- Tax Implications: Explore the nuances of inheritance tax and strategies to minimize tax burdens, seeking professional advice when needed.
- Importance of Professional Assistance: Recognize the role of an expert lawyer in crafting a comprehensive Will, highlighting the benefits of legal expertise in navigating complexities.
In Conclusion:
As Carl Sandburg said, “The greatest certainty in life is death, but the greatest uncertainty is the time.” Crafting a Will is not just a legal formality; it’s a responsibility towards your family. Embrace the power of a Will – a legacy of love that transcends the uncertainties of time, ensuring your wishes echo for generations to come.
Embrace the power of WILL deeds to shape your legacy. For comprehensive legal solutions and assistance in Jammu & Kashmir, India, contact Advocate Aid. As dedicated advocates, we navigate the intricacies of Indian law, offering free legal assistance through our user-friendly online platform. Your legal concerns find reliable solutions with Advocate Aid.