Hello Readers!!

Talking about a will in this pandemic situation might sound unrealistic, but there is no denial of the fact that having one, will only benefit your family in your absence.

A will is basically a document that clarifies what you want to do with the assets in your name in the event of your passing, whether you want to pass it to your heir, or want to divide them equally among all your children’s or you want all to pass to your spouse or whatever.

The situation that the COVID-19 pandemic has created, has made things much clearer and that is the uncertainty of your life!! In these times, obviously, we have to stay positive, but we can’t ignore the negative part, for which we must always be prepared. In case if the prime earning member of the family gets infected and the case turns out to be fatal, within days, the life of his/her dependents would turn upside down. Thus, we cannot ignore the security part.

Having a Will in place can at least ease out the financial transition in such difficult times so that the emotional and functional transition can be made without stress.

Here are some other prominent reasons, why an earning individual having a dependent must have a will in place.

Will Secures Your Child’s Future After You!!

Yes, a will becomes important if you are building an estate to leave behind for your children so that your child gets his financial rights on your assets easily in case of your untimely death.

Your child is a minor, so obviously he will have proper rights on your assets after he/she turns 18 years of age, till then either your spouse or asserted guardian will have to take care of the child and your finances. Preparing a will your spouse or the guardian of minor children know what your assets are, how they can be accessed, and save them the additional hardship that could otherwise come with losing an earning parent.

You can also mention in your will how the guardian of your child has to use the funds available, till your child attains his adulthood, or reaches a certain age. So I would suggest making a will, either write it with a pen or type and print, clearing everything, every detail of your asset that you will be transferred to your child, how they can be used to the benefit of minor children, or how they can be distributed to adult children and who is responsible for such an undertaking.

Will Secures Your Assets And Make It Reach To The Desired!

You have multiple assets, and you have prepared a proper record of which of your asset is where and what is its value, but is that enough? Obviously not, you have to prepare a will, mentioning what will happen to your assets after your demise. Suppose you have no dependents, then obviously you want that after you, your assets would be transferred to those who need it the most, like those who are not family or a charity. Then you must also know that these beneficiaries will not get your money until and unless you have a legal will mentioning that after you they will be the owner of your assets and money.

Now coming to the second case where all your family members are independent, but still, you want to transfer your assets to your family members. In that case, also you have to mention in your will that which family member of you is going to get what part of your asset. If you don’t prepare the will, there are chances of disagreements among the members that are easily avoidable through a Will.

Now coming to the third case, if you have dependents, who can benefit from the value or worth of your assets immediately, then prepare a will that mentioning that after you your dependent will have the sole right on your assets. This will ease out the process of transition.

Will Help Protect Your Business In Your Absence!!

If you are a businessperson and the source of your income is your business and the stakes that you hold, then it is of utmost importance for you to prepare a will. This is because the income from your business will be the financial source for your family after you. In the absence of a Will, other stakeholders can potentially usurp your stake, leaving your family stranded.

Thus, creating a will that clearly mentions the ownership of your stakes after you, will create a secure future for those in your family who are dependent on the business income.

Preparing or making a will is not a lengthy or clumsy process as people think about it. In fact, preparing a will is as simple as you think. You just have to write down the relevant provisions of your Will, put your signature, entrust it to someone trustworthy and keep it in a safe place. Legalizing a will is optional, it depends on you whether you want to announce it legally or not. However, experts say, legalizing a will, eases out the transition process.  

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For any kind of query you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.

Happy Investing!

(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).