What is a will? A Will is a legal document that dictates what has to be done with your assets after you die. A will can be made by any person above 21 years of age and is of sound mind in India.
A will is very important and it should be your first step in your financial planning. Without a Will you cannot direct how your assets should be managed after your death. If you want to leave your wealth to different members of your family you should prepare your Will today, not tomorrow. If you die without preparing a Will in India, your wealth will then be distributed as per ‘Hindu Succession Law’ (Government rules, on how wealth should be divided among family members). Laws of inheritance and succession are complicated, diverse and are different in case of Hindus and Muslims.
If you happen to die without making a will and a dispute arises, then your family members have to produce the proof about their relationship with you and also have to go to lawyers and spend money and energy. So, it better to gift them some time of yours and create a will.
It’s important to review your Will every five years to ensure that it’s up to date and still reflective of your future wishes.