If you’re planning to make a will anytime soon, you should always be aware about the distribution of wealth that you should list down in the will. Many a time, people are often lax about how they actually intend to distribute their assets. This leads to making a will multiple times and creating undue misunderstanding within family members, which may be a reason for disputes. You should be clear about the persons to whom you intend to pass on your assets and in what proportion.
The answer is technically, ‘Yes’ you can. Anyone can be a beneficiary, i.e. any individual, organization or charitable entity can be a beneficiary of the will. However, you should be careful as to how much you allocate of your belongings and possessions to your friends or even your professional colleagues. You can also have a provision for some money to be given to your servant/caregiver, in case of your demise.
Making a will is easy if you use a good online last will and testament template, and review every 3 to 5 years. You will also find multiple such online will writing services, which provide last will and testament samples that are easy and reliable, for this purpose.
Now, if you do not make a will, then you cannot leave behind your belongings to people other than your legal heirs, based on succession laws. The applicable succession law depending on your religion, shall determine your heirs and the ratio of wealth division accordingly. If you do not have immediate family with a spouse and kids, the law will allow your wealth to be given to brothers, sisters, etc., and if there are no immediate relatives available, the assets may go to distanced relatives. This may not always be as per your wishes and hence, making a will is highly important.
Make sure that you write your will in simple and clear language to distribute your wealth after your demise, to your family, relatives, or any other person/s, as per your wishes. Additionally, if you also wish to use the nomination route, you must note that the nominee will only be able to claim the legacy, which eventually has to pass on to the legal heir being your family member. It is advisable to write a will and make all beneficiaries of the will as nominees of respective assets for smooth legal transfer and early asset transfer.
To sum up, draft a will online, write the terms clearly and leave possessions to people close to you, whether family, relatives or others, according to your wishes. Make sure that you keep family disputes at bay in the future, by allocating assets as per your wishes, without getting the court involved in your last will & testament.
To know more, please write to us at iwill@icicisecurities.com
