Just as every person thinks he does not require a life insurance, so do they think they do not need to write a will. Actually, when they say this it is not that they will never die. It just means, just as insurance is deferred under the pretext that “I am healthy”, “What can happen to me?” or “I will not die so soon.” So is the case with writing a will. People always tend to defer it under the pretext that “I do not have many assets.”, “All that I have obviously, belongs to my family.” or “I will definitely live another day to write a Will.” The common factor in both these cases (Life Insurance and Will) is that their importance and the value are realized, only by their respective bereaved family members.
One may have arguments such as “I do not have MANY assets”. But, the point here is not “MANY Assets”…. I say if you have “ANY Assets” you must write a will. The best time to write a will is NOW.
A will gives clarity of thought to your legal heirs. It is not about just clarity of thought…. It is about clarity of “your thought”. It clarifies as to how your assets should be distributed among your legal heirs….. When should the control of your assets be given to them…. Should the assets be liquidated first, and the money so realized, be transferred…. or just the assets need to be transferred as they are.
But before all these a fundamental question needs to be addressed… Does my family know what ALL Assets have I built? Do they know about my liabilities? Are any of my liabilities attached to my assets? Any assets mortgaged? If so what should be the approach forward.
Different assets would have been acquired at varying points in time. And, seldom is serious thought given while declaring nominations for these assets. Every nomination is the result of your thought process at the time of acquiring that particular asset.
Some assets may have nominations in place…. It is also possible that some of the assets acquired long ago may not have a nomination in place or the same may seem redundant today.
A will is actually a comprehensive document which analyses the asset owners thought from a much wider view point. It is more wholesome. A will analyses and considers all the assets owned at a given point of time and thereby do more justice to the thought of wealth transfer to legal heirs. A will supersedes all nominations and also it is Important to note that the legal position of a Nominee is just that of a trustee who actually holds the assets in good faith only to be transferred to the actual legal heirs over a reasonable period of time. (For more clarity on this topic please read one of my previous blogs Nominee Vs Legal Heir)
Therefore I say that any person who has any accumulation of money or money’s worth should write a will. Even if he is just a college student who has saved little by little from his pocked money and acquired a few personal effects. A will is all about who should receive what I have in what form and when.
A will always brings about clarity of thought, pertaining to ones assets, at all times. It enables a person to have a consolidated view all his assets and liabilities from a single window at a given point of time. It is only from here that the thought process of justifiable distribution of assets among all heirs evolves.
These are some of the compelling factors that point to the fact that “the best time to write a will is NOW”
Have you written your will?
Yes? When was it that you last Read it / Reviewed it?
No? Then you MUST pick-up a paper and pen….NOW !!!