A Will is the last and most potent step in financially securing a family’s future. It is a legal document with directions on the distribution of wealth and assets at the death of the asset holder. According to the 2016 report of Daksh; an NGO which analyses the performance of the judiciary, 76% of civil cases are due to property and family disputes.
Will writing is often looked upon as a difficult initiative. People commonly associate Will Writing with myths as such long drawn interactions with lawyers, high cost as well as it being a time intensive activity. However, the challenges which build up owing to its absence are only experienced post the demise of the owner. A Will allows a smooth and speedy transition of the wealth to the next generation; rooting out unnecessary confusion and disputed claims by family members.
Ms. Anjali Malhotra Chief Customer, Marketing, Digital and IT Officer, Aviva Life Insurance offers five easy steps to a write a Will and secure your family financially for the future.
1. Identify your assets and debts
Before starting to write the Will, it is imperative to list down all the assets, liabilities, and investments one has accumulated over the years. Lack of information or the absence of it will make the Will incomplete and would defeat the very purpose of making the Will. Create a record sheet for increased accuracy and transparency in wealth management.
2. Make a checklist of beneficiaries
A Will eliminates any discussion on who gets what. It is even more vital for those who have financial dependants. The document should include the dictates of distribution which are followed without any intervention by third parties, making unnecessary claims. In the presence of a Will, family members and friends receive their entitled share without facing much hassle.
3. Choose an executor
Assigning an executor is important, as this is the person who will ensure that the dictates in the Will are smoothly executed. One can opt for a professional executor or a trusted friend/family member. This choice requires a little cautiousness as the onus of the distribution process stays with the executor.
4. Make a valid Will
Writing a Will does not require any form or paper, but one must ensure that it is legally valid. The pre-requisites of a Will include clear instructions on wealth management, a declaration stating one’s mental stability and no external pressure in creating the Will. The document should be signed in the presence of two adults as a witness.
5. Keep the Will safe
Finally, once the Will is created, it is important to keep it safely. The legacy plan should not be discussed and showed to anyone. It is suggested to make few copies of the document to avoid loss or damage of the document.
With an increase in awareness around financial planning, Will Writing is gradually being considered as an essential step to wealth management. However, in India, it is still addressed as an expensive initiative and is often opted out from making one. To enable people, experience the process without any loss of information and with complete transparency, Aviva Life Insurance has introduced Aviva Online Will Writing service, free of cost. One right decision can secure many lives from financial uncertainties and avoid undue stress in the family.