It’s a legal document that protects interests of family
If a person dies intestate (without a Will), her legal heirs are recognised as successors to her estate, as per respective personal laws. In the absence of a Will, the estate may be passed on to a relative whom the deceased did not wish to give anything. Lack of a Will also presents a disorderly situation where no one is aware of the deceased’s liabilities, his financial interests and/or his asset possessions. Key documents and assets remain untraced many a times. Legal heirs of a deceased account holder may remain untraced and deposits may remain idle in unclaimed accounts.
A Will is a legal instru- ment that protects a family by recording the details of assets owned by a person, its location and the relevant documents, and clearly states to whom the assets will be passed on. A Will results in smooth transfer of assets to intended beneficiaries and ensures minimal or no loss of assets.
RAJESH NARAIN GUPTA
Managing partner, SNG & Partners
The making of a Will also protects the beneficiaries and spells out the manner and extent to which the assets will be transferred to the parents, wife and children and any other person by the deceased. Will makes asset transfer a smooth process from one generation to another and is an instrument for asset protection.