Rahul, 32, is an engineer at an industrial gear manufacturing unit in Thane. His family comprises wife Sneha, 30, and son Aditya, a 3rd standard student. The couple bought a flat on EMI basis, and while so doing, they made a down payment of INR 20 lacs. This money was raised by selling their share of ancestral property. Two weeks ago, Rahul and his wife sat down to do some stock taking of their assets. Thereafter, Rahul drafted a will online bequeathing all his property to Sneha, should something unfortunate happen to him. Likewise, Sneha created an identical will leaving all her property to Rahul. Since Aditya is a minor, both wills mention him as a beneficiary. A guardian was nominated to serve as the custodian of Aditya’s benefits, as set down in the will, till the time he attained majority.
During lunch with his colleagues in office, the subject of a will came up in Rahul’s conversation. "I thought creating a will is the last thing we should be doing in life. Isn’t old age the best time for will making?” an older colleague couldn’t help asking with a half-smile. He was only voicing the group’s feeling of surprise, at Rahul's act of writing a will 'so early' in life. All eyes were now on him. Rahul paused, then took a deep breath, and responded coolly: “If you can take insurance at 25, why not make a will at 25?” “Well, what is the connection?” another colleague wondered aloud.
Rahul responded: “There is a lot of uncertainty in this world. Accidents, terminal illnesses, terror attacks, and so on, are becoming almost a way of life. Such uncertainties might befall us, though we are not sure at what time and where. Life insurance provides moneys to support our families, in case something unfortunate happens to us. In that case, why not draft your own will that clearly indicates in what ratio all our properties and assets should be distributed to our heirs?”
As the words started to sink in, the group dropped into silence. The attention sharply focused on Rahul, who continued: “So, everyone should make a will at any age above 18. Which means, for those among us, who haven’t already done so, now is the time to draft your own will.”
Creating a will is a simple process, that everyone above the age of 18 must make time for, and get done RIGHT NOW.
Feel free to reach out to us, for more details on how to prepare a will and for a last will and testament format in India.
To know more, please write to us at iwill@icicisecurities.com
