Will and Testament
“A Will can save one’s family from being put into a quagmired pit of legal conundrum, in case of death (which may even be untimely).”
- Henrietta N. Martin
A Will or a Testament is a legal document that sets forth a testator’s wishes regarding the distribution of your property and the care of any minor children. Will is not just a document of wishes and directives, it is a fundamental aspect of any Estate Plan that needs to be ensured in the most comprehensive way.
The primary benefits of having a Will in place are:
One gets to decide how one’s estate will be distributed
One decides how one’s dependents will be taken care of
One decides who will wind up the affairs of one’s Estate
If one doesn’t write a Will, everything one owns will be distributed as provided in the relevant personal law – which isn’t always the way one might want because tomorrow is not promised.
Seemingly simple, this document, if left ambiguous or with inadequate details, can get the inheritors into considerable trouble, with bequeaths being denied to them in some cases. It is also crucial to understand several aspects like determine what assets may be bequeathed, are there any conditions which may hamper the execution, is the bequeath tax efficient, who will carry out the wishes mentioned in the will, or who will take care of dependents who could be minors.
Therefore, it is important that it is done with utmost care and with assistance from experts who could not only capture your wishes in the Will but also advise you on crucial aspects related to your wishes and vision.