Benefits of having a last will

1
BENEFITS OF HAVING A LAST WIll www.elderswealth
.com
2
As per the estimates, over 320,000 births and
250,000 deaths happen per day. What happens to
the assets accumulated by them after they are
gone? A Last Will can be of use to distribute
their assets as per their wishes. A Will or
testament is a legal document by which a person,
the testator, expresses his/her wishes as to how
he/she wants the property to be distributed
after demise. It carries the names of one or more
persons as the executor, to manage the assets
until the final distribution. In short, a Will
aims to fulfil the wishes of the testator and
dispose of his/her property. However, creating a
Will is often neglected by most people in
India. Privileged and unprivileged Wills are the
two kinds of Wills. A privileged Will is made
under extraordinary circumstances like a war or
a dangerous expedition. Any other Will falls
under the category of an unprivileged Will. The
Indian Succession Act, 1925, Hindu Personal Law,
Muslim Personal Law, and Indian Registration
Act, 1908 are the laws in India that govern the
Will in India.
3
DISTRIBUTION OF ASSETS
ENSURES FINANCIAL SECURITY Sometimes, some of
the family members might have some special
needs or requirements. They may require
financial assistance at least for some time. In
such cases, a Last Will and Testament can help
by offering additional financial resources to
the individual in need. The property is split
equally among the heirs if there is no Will.
ELIMINATES LEGAL HASSLES Creating a will speeds
up property settlement and avoids property
disputes. Since Indias courts are already
overburdened with over 3 million pending cases,
legal matters involving property disputes can
drag on for years. Having a Will in place can
save money and time in the long run. Other
advantages of making a Will include expedited
property settlement, avoidance of legal fees,
and the avoidance of property disputes.

• Your property will be distributed according to
  your wishes after your life, if you have a Last
  Will and Testament. The person is considered to
  have died intestate if he or she dies without
  leaving a Will. In such a scenario, the property
  would subsequently be allocated in accordance
  with the law.

4
PROTECTS CHILDREN
CREATES AWARENESS ABOUT ASSETS The deceaseds
assets may go unclaimed due to a lack of
awareness of assets. Being unaware of the assets
results in unclaimed bank accounts and immovable
property. With a Will, the odds of the legal
heirs losing track of the deceaseds
possessions are removed.
If the individual has minor children, he or she
can make sure that the minor children are given
guardians if both parents pass away. The
individual might also make a list of assets and
finances to guarantee that children receive
adequate assistance.
5
Conclusion
While writing a will might be a time- consuming
procedure, it has several advantages. With the
appropriate assistance, it may be made
easier. There are a plethora of management
services and financial experts available to
assist you in this area. EldersWealth, one of
the leading W ill writing service providers in
Bangalore, assists you with the preparation of
your Last Will as part of your estate planning.
Contact us to learn more about our services and
to make the work of establishing a Will easier.