Anant Ladha, Founder – Invest Aaj For Kal
First things first. A ‘will’ can be described as ‘a legal document detailing the distribution of an individual’s assets after his or her death.” Put simply, it decides how your assets such as property, bank balance, and other assets are distributed and to whom and in what quantity.
Contents of a Will
Essentially, a will contains the following:
1. Designation of the executor or the person who would be responsible for carrying out the provisions of the will.
2. Details of the beneficiaries or the individuals who stand to benefit or receive assets according to the will.
3. Instructions or timeline of how and when the beneficiaries will receive the assets.
4. For individuals with minor children, a will can detail the guardians of the minor children.
Now most people consider writing a will as something that only old-age people should be bothered about. However, Anant Ladha, Founder – Invest Aaj For Kal, believes one should start early on. “Individuals should start thinking of writing a will at the age of 21. The earlier one starts, the better it is.” Anant said. He also adds that individuals should start by considering their assets and liabilities before getting started with writing a will.
While writing a will may not seem necessary or urgent for many, there are several reasons why you should consider writing one:
1. Protects Your Family: First and foremost, a will ensures that after your demise, your hard earned money and savings go to your family or people you love and care about.
2. Avoid Legal Processes: Not writing a will has the potential to start a long and tiring legal process regarding claims to your assets after your demise. Thus, writing a will is key to avoid any legal entanglement.
2. Avoid Family Disputes: Individuals with joint or extended families can easily fall into family disputes regarding claiming of assets. Not only does it strain individual relationships, it can also lead to life-long hostility and conflicts. Writing a ‘will’ will settle the dust once and for all.