The uncertain times we live in, especially after the outbreak of Covid-19 have led many of us to think about what best can we do to protect our loved ones. In this aspect, it is crucial that your loved ones are secured even in your absence. A will is a very important document that will ensure this.
To draft a will should be a mandatory step in your financial planning. Money9 Helpline attempts to make writing this legal document an essential part of your financial management and help you understand all the nitty-gritty of it.
The helpline hosted Hemant Rustagi, founder at Wiseinvest to address the queries related to will from our callers all across India.
Here’s a list of questions:
Harshad Jain, Ahemdabad: We are a family of four- me, my wife, and two kids. God forbid, if something happens to me, then all assets will go to my wife, which is what I would want. Then why should I take the pains of writing a Will and bear an additional expenditure?
Rustagi: Drafting a Will is a very simple and easy process. It is not at all costly and takes minimal expenditure. First of all, you should understand that a nominee and legal heir are different concepts. The nominee is a custodian or caretaker whereas the ultimate beneficiary is a legal heir. In a family legal heir can be a mother, father, or any other person. So to avoid any such complication you should draft a will.
RN Ganguly, Kolkata: I have already enlisted nominees for my assets. Do I still need to make a Will?
Rustagi: If you have a nominee, the nominee is the best custodian or caretaker. The banks will direct the FDs or account or whatever there is to the nominee, without any issue. If the nominee and legal heir are two different people and there arise issues between the nominee and the legal heir. Then, the eventual owner of your assets will be the legal heir. To avoid any dispute, it is better to write a Will, as it will decide who will be the legal heir.
K Mal, Birbhum: I have joint FDs with my uncle in either or survivor operation mode. We have these FDs for over 10 years. Can any of my cousins claim the benefits of these FDs in the absence of a Will?
Rustagi: The Will gives the opportunity to define and distribute your assets to the people you want. Especially in big families, disputes arise on the ownership of assets of the deceased. Will serves the purpose of giving clarity.
Watch the entire conversation here:
