5 Reasons Why You Should Create A Will

It is only the rich who has to worry about creating a will; this is not a business that an average Joe would bother about. This is how most of us think. Unfortunately, such a thinking has already led to a lot of pending litigation in Indian courts. This is why creating a will should not be looked upon as an option but an obligation by everyone.

Here are five reasons why each one of us should leave a will:

Part of the planning

Earning money while you live does not happen to be the end of the game; your financial planning must also include how your wealth will be used when you are gone. Your accumulated personal wealth, no matter how meagre it might be, is the result of years of hard work and impeccable financial planning. You do not want to leave its distribution at the mercy of the law when you are gone. You must have a definitive say in the manner your wealth should be distributed among your heirs. Creating a will for the purpose is the only logical conclusion.

Not legally bound

There is a certain manner in which the law prescribes distribution of property among legal heirs. And, maybe you do not want your hard earned money to be distributed in a similar manner. What if you want to give a bigger share to your daughter in your property because you feel she has been more sensitive towards you than your son. A will is your way to have it your way in the matter of your own wealth.

Inheritance of loss

Most of us buy our property availing of a home loan these days. This is another reason why making a will becomes mandatory. Apart from your liabilities your responsibilities also shift to your legal heir in case of your demise. A will could be an instrument to evaluate your assets and liabilities and divide it equally among your legal heirs.

For the love of your dear ones

Wealth accumulation is often done in a silent manner over the years. Many a times, our loved ones may not even be aware of all our assets lying here and there. You have invested in mutual funds, you are also paying a premium for multiple life insurance policies, you have also got some fixed deposits running. A will here could act as a diary where all your investments are listed. When you are gone, your near and dear ones will not have to scour through thick piles of papers to find out the details of your financial status. You do not want them to keep on wondering.

What you are worth

Many a times, we are not well aware of our own assets. It is not just your house and jewllery that your legal heir will come claiming if you instate ― dying without a will. Each of your personal belongings will have to be divided, too.  A situation might arise where an argument may ensure between your daughter and your son over an article of furniture or a piece of expensive painting. A will not only provides you an option to bestow your belongings to whosoever you want to, it also provides you with an opportunity to assess your own wealth in a whole new light. You might be way richer than you thought.

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