Situations that warrant making a Will ------------------------------------------ Do you fall under any of these categories? If yes, you need to make a Will. √ Husband and wife earn, have children, and make investments: Husband and wife team earns and invests. The investment details are known only to the person making the investments and the other spouse remains unaware. If something untoward were to happen, the spouse left behind struggles to cope with the sudden demise as well as with figuring out the entire spread of investments. √ Earning bachelors: The entire financial investments and holdings are known only to the person earning. While with a married couple, there might be significant information gaps, it is unlikely that the spouse is absolutely and totally unaware of the investments made. In the case of a bachelor, such a situation is indeed possible that no one apart from the person himself/ herself has any clue about the assets. A Will becomes very important for this person. √ Single parent with children: Given the fragile nature of marriages in today’s world, there are a lot of families with a single parent. They are sole earners as well as care givers to their children. They need to take an additional step of creating a Will. The Will would not only ease the bequest process - it becomes the primary document to refer to for information about the assets. √ Every individual above the age of 50 needs to make a Will. “Making a Will inculcates good habits - ensuring that asset information is captured and stored, ensuring that all assets are either held jointly or have a nominee, ensuring that nominees and beneficiaries are in sync. A Will is like a financial audit and the earlier you start that process, the better placed you are,” . A Will needs to be a live document - not a create-and-forget one. Review and revise it. You might have created new assets or taken on a new liability. Your marital status could have changed or you might have had children. Your executors or guardians of your children might change jobs and shift countries. Owing to any of these possibilities, it is a good idea to go back, review and revise your Will. Last, but not the least, do not keep it a secret. You need to share information about the existence Will with key beneficiaries, intended guardians and executors. You might not share the actual content but keeping these entities aware about your having created a Will and the location where you have stored the same might be a good idea.
Posted on: Wed, 26 Mar 2014 00:34:42 +0000
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