INTRODUCTION

Why a Will is Not Just a Document, But a Responsibility.

In India, discussing death or planning for it is often considered taboo. Many men, whether they are working professionals, business owners, or retirees, avoid creating a Will, assuming their assets will automatically go to their loved ones. However, this assumption can lead to devastating consequences. The COVID-19 pandemic was a stark reminder of life’s unpredictability, leaving countless families in legal and financial turmoil due to the absence of a Will.

Consider this: Without a Will, your hard-earned wealth could end up in prolonged court battles, leaving your family stressed and financially strained. A Will is not just a legal document; it’s a tool to protect your family, ensure your wishes are honoured, and secure your legacy.

So, how can you ensure your assets are distributed as per your wishes? This article will guide you through the importance of creating a Will in India, the risks of not having one, and how to get started.

What is a Will, and Why is it Important?

A Will is a legal document that outlines how your assets—property, investments, bank accounts, and personal belongings—should be distributed after your death. It also allows you to appoint guardians for minor children and executors to manage your estate.

Key Features of a Valid Will

• Must be in writing (handwritten or typed).
• Clearly state the testator’s (person making the Will) intentions.
• Signed by the testator in the presence of at least two witnesses.
• Witnesses should not be beneficiaries.
• Should be updated as per changes in assets, relationships, or preferences.                

Importance of making a Will

1. Ensures Your Assets Are Distributed as Per Your Wishes

Without a Will, your estate will be distributed based on the laws of intestacy, which may not align with your preferences. A Will allows you to specify beneficiaries for your wealth, property, and possessions.

2. Minimizes Family Disputes

A well-drafted Will reduces the risk of legal disputes among family members by clearly outlining how your estate should be divided.

3. Provides Financial Security for Dependents

If you have children, a spouse, or other dependents, a Will ensures they are financially protected by designating inheritance and guardianship.

4. Reduces Estate Taxes

Proper estate planning through a Will can help minimize tax liabilities and preserve more wealth for your heirs.

5. Appoints an Executor to Manage Your Affairs

A Will allows you to appoint a trusted individual to handle your estate, ensuring your assets are distributed smoothly and efficiently.

6. Save Time and Money

Will simplifies the legal process, reducing the time and costs associated with probate.

Who Needs a Will?

Many believe that Wills are only for the elderly or the ultra-rich. However, estate planning is essential for:

1. Working Professionals: Ensure your dependents inherit your savings, property, and investments without legal complications.
2. Business Owners: Protect your company’s future by appointing successors and avoiding disputes.
3. Retirees: Simplify wealth distribution among heirs and prevent conflicts.
4. Single Individuals: Decide how your wealth should be distributed in your absence.
5. Parents of Minors: Appoint guardians for your children and secure their financial future.

Consequences of Dying Without a Will (Intestate Succession in India)

If a person dies without a Will, their assets are distributed as per India’s succession laws:

• Hindu Succession Act (1956): Applies to Hindus, Jains, Buddhists, and Sikhs.
• Indian Succession Act (1925): Governs Christians, Parsis, and others.
• Muslim Personal Law: Based on Sharia principles.

Real-Life Cases of Family Disputes Due to Lack of a Will

1. Dhirubhai Ambani’s Estate Dispute

The legendary businessman, Dhirubhai Ambani, passed away in 2002 without a Will, leading to a bitter legal battle between his sons, Mukesh and Anil Ambani, over Reliance Industries’ control. Eventually, their mother, Kokilaben Ambani, intervened, dividing the business between them, but the feud impacted shareholders and the corporate world.

Source: https://www.smh.com.au/business/companies/how-a-family-feud-drove-a-pair-of-brothers-56-billion-apart-20181019-p50am6.html

2. Jayalalithaa’s Property Battle

Former Tamil Nadu CM Jayalalithaa’s sudden demise in 2016 without a Will led to multiple claims over her vast wealth. Legal battles continue, making asset distribution a prolonged process.

Source: https://timesofindia.indiatimes.com/city/chennai/jayalalithaa-didnt-leave-a-will-so-whos-the-legal-heir/articleshow/55846211.cms

3. COVID-19 Tragedies & No Will Cases

The pandemic highlighted the importance of having a Will. During the pandemic, several families struggled to access bank accounts, insurance claims, and property titles due to the absence of Wills. Many cases went to court, delaying much-needed financial relief. Many families faced unimaginable hardships due to the sudden loss of loved ones without a Will. For instance:

• Case Study 1: A 45-year-old businessman in Mumbai passed away unexpectedly due to COVID-19. Without a Will, his wife and two children had to navigate complex legal procedures to claim his assets, including his business. The process took years, leaving the family in financial distress.
• Case Study 2: A retired government employee in Delhi died without a Will, leading to a bitter dispute between his sons over his property. The case is still pending in court, draining the family’s resources and relationships.

Common Myths About Wills in India

Myth 1: “Only the Wealthy Need a Will.”

Reality: A Will is essential for anyone with assets, regardless of their value. Even a small savings account or a piece of jewellery can become a point of contention.

Myth 2: “My Family Will Automatically Inherit My Assets.”

Reality: Without a Will, your assets will be distributed according to Indian succession laws, which may not align with your wishes.

Myth 3: “Creating a Will is Complicated and Expensive.”

Reality: Drafting a Will is simple and affordable, especially when compared to the costs of legal disputes.

How to Create a Will in India: Step-by-Step Guide

Step 1: List Your Assets     

• Real Estate (land, apartments, commercial properties)
• Bank Accounts & Investments (FDs, stocks, mutual funds, cryptocurrency)
• Business Holdings & Intellectual Property
• Insurance Policies & Retirement Funds
• Personal Belongings (jewellery, vehicles, collectibles, etc.)

Step 2: Choose Beneficiaries

• Clearly mention who will inherit “what” of your assets & property. You can designate specific individuals, charities, or organizations.​

Step 3: Appoint an Executor

• An executor is responsible for administering your estate as per your Will. Therefore, choose someone trustworthy and financially responsible as your Executor.​

Step 4: Select a Guardian for Minor Children

• If you have minor children, appoint a guardian to ensure their care and financial well-being.​

Step 5: Draft the Will

You can draft a Will with the help of a legal professional or use online Will-making services.

• Your full name and address​
• A declaration that the document is your last Will and Testament​
• List of beneficiaries and their inheritance​
• Appointment of an executor​
• Guardian for minor children (if applicable)​
• Signature and date
• Use clear, unambiguous language. Avoid using confusing terms or contradicting statements.

Step 6: Sign & Witness the Will

• Sign the document in the presence of two witnesses.
• Witnesses should not be beneficiaries.

Step 7: Register the Will (Optional but Recommended)

• Though not mandatory, registering a Will at the Sub-Registrar’s office enhances authenticity and reduces disputes.

Step 8: Store & Update the Will        

• Keep copies in a safe place such as a safe deposit box, with a trusted individual, with your lawyer, or in Maxxwill SuperSafe.
• Update the Will after major life changes such as marriage, children, divorce, asset changes, etc.

Common Mistakes to Avoid While Making a Will

• Not Updating the Will Regularly: Life changes such as marriage, divorce, or new assets require updating your Will.​
• Failing to Name an Executor or Guardian: Leaving these positions unassigned can create legal complications.​
• Not Making It Legally Binding: A Will must meet legal requirements to be enforceable.​
• Overlooking Digital Assets: Include access instructions for online accounts, digital currencies, and intellectual property.

FAQs about Wills in India

1. Can I write a Will without a lawyer?

Yes, you can write a Will yourself, but it’s advisable to consult a lawyer for complex estates. For further assistance, click here.

2. Is a handwritten Will valid?

Yes, a handwritten Will (holographic Will) is valid in India, provided it is signed and witnessed.

3. Can I update my Will?

Yes, you can update your Will as often as needed to reflect changes in your assets or family circumstances.

4. What happens if I die without a Will?

Your estate will be distributed according to the State laws, which may not align with your wishes.

5. How often should I update my Will?

It is advisable to review and update your Will every 3-5 years or after major life events.

6. Can a Will be contested?

Yes, a Will can be challenged in court under claims of undue influence, fraud, or lack of mental capacity.

7. Is registration of a Will mandatory in India?

No, but registering your Will can provide legal backing and reduce potential disputes.​

8. What happens if the Executor refuses to act?

The court can appoint an administrator to execute the Will. For more details, click here.  

Conclusion: Take Action Today to Secure Tomorrow

Creating a Will is not just about distributing assets; it’s about protecting your family, preserving relationships, and ensuring your legacy lives on. The real-life examples and court cases discussed in this article highlight the dire consequences of not having a Will.

So, don’t wait for a crisis to act. Take the first step today:

1. List your assets and beneficiaries. (You make also list or store your asset & property information on Maxxwill SuperSafe a robust and highly-secured digital platform.)
2. Draft your Will with clarity. (Contact Us to draft a customized Will or simply use our e-Will service.)
3. Consult a legal expert if needed.

Your family’s future depends on the decisions you make today. Create your Will now and give your loved ones the gift of security and peace of mind.

Share this article with your friends and family to spread awareness about the importance of having a Will. For professional assistance, consult us.