Where there is a will...

Where there is a will...

Where there is a will...

 A will ensures that your assets land up in the right hands.

But today more and more young people are becoming aware that given the uncertain times we live in, making a will when in full control of one’s senses and faculties is a sensible thing to do.

“Life is uncertain as we know and a will only ensures that our assets wind up in the hands of our beneficiaries as quickly and easily as possible. It is also important to include clear guidelines as to how we want our medical and financial affairs handled in case of accidents, illness or incapacitation,” say Vinay and Monica Prabhu, who having just started a family, strongly feel the need to plan ahead for future contingencies.
But like most good intentions, making a will is often relegated to the ‘must-get-down-to-do’ list. And it never gets done on schedule. Shivshankar Menon, an advocate, says that making a will is not as cumbersome a process as people think.

“Anyone over the age of 21 can make a will. It can be hand written in ink, does not require any stamp paper and need not be registered. However, it is advisable to have it drafted by a lawyer and checked by an accountant. And it must be signed by you in the presence of at least two witnesses who must also sign at the same time and list their full names and addresses. They need not know the contents of the will,” he says.

“Do sign each page and keep it in a safe place. Designate an executor and inform him or her as well as the beneficiaries where it  is kept,” he adds.

Chhaya and Javad Ayaz have two teenage children and have every intention of sorting out their legal affairs in the near future.

“We are aware that it is imperative to put our legal affairs in order but it is something that gets put off inadvertently,” says Chhaya. “I do know that Javad made a will when we lived in America a while ago but we need to update it taking into account the current law of the land.”

Aditya and Manisha Dasappa are on the verge of having a baby and along with parental responsibilities, they say comes planning for the future.“It is crucial to put some sort of estate planning into place. At a minimum, you can state which relative you want to care for your children in the event you cannot,” says Aditya.

“You must also discuss important issues with your beneficiaries, so that everything is clear and unambiguous. Although the final decision rests with you. If you do not take care of your own affairs, the court will step in and do it for you. And it may not be in keeping what you would have wanted, or in everyone’s best interests,” adds Aditya.