Primary reasons to have a legal Will for property in India
A will can be defined as a legal document that distributes an individual’s intestate amongst his heirs. In order to carry out an individual wish after his/her death, a legal will becomes the prime document of execution.
There are numerous reasons as to why every person should draft their will and also get them registered –
Custody of Children – In the case of a child’s, their custody is something that may be challenged after a person’s death. In a situation when both the parents have passed away, the will act as a directive to kith and kin left behind.
Distribution of Intestate – A will is a person’s mouthpiece after their passing away, this mouthpiece helps with the division of property and its execution in accordance with an individual’s wishes. It helps in avoiding familial fights and arguments.
Avoids the Process of Probate – The process of probate is clearly the control of your assets by the court. With having a legal will, it becomes easier and faster as compared to without the existence of a will.
Selection of Estate Organizer or Manager – A will aid in appointing an executor/agent who is trustworthy and also responsible for acts of management and distribution of your property. This appointment of an executor is made in the will itself.
Estate Taxes – Estate taxes are reduced when the property is divided amongst the members of the family as per the legal will, and therefore it diminishes financial burden and conflict.
Disinheritance – A legal will allows you to eliminate those who were in normal circumstances going to inherit your property. Will can assist chart a plan as to how much property goes into whose hands and thus a person can save one’s assets from getting into the control of those whom he may not desire to make a beneficiary.
Gifts/Donations – An individual can give away their belongings to charity or pass it on as a gift. There have often been circumstances where we’ve seen huge properties being donated for goodwill.
Legal Encumbrances – Often legal problems faced by people such as your property going to undeserving people also occur in the absence of not having a legal will. There have been many cases where people have incorrectly benefitted from the passing away of people. Wills, cancel out that possibility. Moreover, Wills can be changed with a change in circumstances.