- Date : 21/04/2022
- Read: 3 mins
A will is a legal document that coordinates the distribution of your assets after your death. A will ensures that there is a seamless transfer of your assets. In simpler terms, a will gives you specific instructions on what to do with your house, money, car, and all your valuable assets.
There is no difference between a man’s and a woman’s will. Women earn just as good as men, so women must start writing a will as soon as they earn and provide for their families. As a woman, it is equally important to write a will to protect her legacy and children, provide for her parents and her in-laws, and ensure a peaceful life for her loved ones.
Importance of a will
Anything you own is a property. It’s not only the real estate that is your property because anything you own has to be transferred to somebody else at some point of time in your life. So whatever you own can be transferred to a nominee in the form of a bank account, fixed deposit, PPF account(s), insurance policy, or your property.
There are a lot of complications when someone dies intestate, that is, a person dies without writing a will. For example, if a person owning a property dies without registering it in someone’s name, then a lot of problems is created during account transfer. The authorities may insist on a legal heir certificate, court orders, making it a time and money-consuming process.
Just appointing a nominee is not enough. A nominee is a person who is guardian or caretaker of a will. He doesn’t own anything. As per Hindu Succession Act, the money or property is only transferred to a legal heir and not to a nominee in equal proportions.
When a woman writes a will, it reduces the chances of misunderstandings and disagreements over the distribution of property and other assets between her family and children.
Why should you write a will?
A will is essential as it allows you to communicate your wishes clearly and precisely after your death. You wouldn’t want any priced belonging falling into the wrong hands.
Who carries out the will?
When writing a will, you pick people you trust to be the executor and trustee of the will. They will be responsible for carrying out instructions left in your will.
Also read: Retiring in uncertain times? Try the three-budget strategy.
Conclusion
An important fact to know, you can write your will as soon as you turn 21. If you die young, you will provide for your parents with your will, and of course, when you’re old, you will leave your belongings to your children and loved ones. Financial planning and legacy planning are essential for a woman because we keep earning and investing more and make better returns, but 90% of them forget to form a will. Making a will makes sure that the rightful heir gets their assets transferred.
