The Importance of a Valid Will: Protecting Your Assets and Loved Ones

The Importance of having a valid will cannot be underestimated. A valid Will ensures your assets are distributed according to your wishes, minimizes family disputes, and provides legal clarity under the Indian Succession Act.

The following are some of the reasons a person should have a valid will :

1. Decide the distribution of your assets :

In the absence of a valid will, that is if the person dies intestate (without a will), his/her assets are distributed in accordance with the common laws that he/she is governed by. In India, based on your religion, this could be the Indian Succession Act 1925, the Hindu Succession Act 1956 etc. The distribution under these Acts is one size fits all and it might not take into consideration all the relationships that and their weights that you may have during lifetime. The assets might not get distributed in the manner you wished, to the persons that you wished. In order to maintain control over the distribution of your assets and to ensure that who you wished for a particular asset to go to gets that asset, it is of utmost importance to have a valid will with clear instructions for the same.

2. Avoiding family disputes :

At the time of the death of a person emotion can run high in a family and an absence of a valid will can lead to disputes amongst family members over the distribution of the assets of the deceased. These disputes can often last for a number of years and lead to great deal of legal expenses. In addition to the legal expenses there is also a strain put on family relations which otherwise might have been good, leading to conflicts amongst an otherwise tight knit family. A valid and clear will can help avoid these disputes by making clear the thoughts and wishes of the deceased. When family members understand the thought process behind the distribution of the assets it helps in avoiding unnecessary confusion and misunderstandings that may arise between the family over the distribution of the assets of the deceased.

3. Detailed list of all moveable and immoveable assets :

On the death of a person often times the legal heirs of the deceased might find it difficult and time consuming to make an inventory of all the moveable and immoveable assets of the deceased. Certain assets may be overlooked due to the legal heirs not having knowledge of them and such assets might not find their way to the legal heirs of the deceased. A detailed will of all the moveable and immoveable assets of the deceased helps to prevent the legal heirs from the time consuming and cumbersome procedure of making a database of all of the assets of the deceased and to avoid certain assets from not being found / discovered.

4. Clear Funeral Instructions :

Under a Will one can give clear instructions on how they want their funeral to be conducted thereby alleviating the burden from their loved ones of deciding the same during their time of grief.

5. Appointing Guardians for minor children :

For parents with young children a valid will is not only important for the purposes of distribution of assets but it serves a dual purpose. Under a will, parents can appoint a guardian for their minor children, under whose care the children shall be placed in the unfortunate scenario of both the parents dying during the minority of the children. Appointing a guardian ensures that your children’s best interests are looked after.

6. Appointing care takers for pets :

In furtherance of the above mentioned points, for many pet parents their pets are like their children and are an important part of their families. Pets deserve consideration under wills as well to ensure that they are well taken care of after ones passing. A valid will can ensure that a guardian is appointed for the pet/s, along with adequate financial aid provided for the pets food, veterinary expenses etc. Making such provisions can ensure that your pet receives the same quality of life even in your absence.

Written by - Advocate Shefal Chirawawala

Disclaimer: This article is published for the purpose of general information only and is not intended and or does not constitute legal or other advice. The reader shall independently verify the information contained in this article and the author does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.