Why are Wills Not Popular in India?
Published by Sharekhan Education | March 29, 2020
Why are Wills Not Popular in India?
A WILL is a legal document by which you can express your wishes as to how your property is to be distributed after your death. Though one of the most important estate planning tools, WILLS are not yet popular in India due to various associated misconceptions like…
- Only rich people need to create their will
- Creating a will is very expensive
- You need a lawyer to create a Will
- You cannot change the Will once it is created
As you can see these are just excuses to not write your Will. Do you really believe that only if you are rich and wealthy you should be writing your Will? And how many such rich and wealthy people actually do so? Your guess is as right as mine. Bursting the first misconception I would say that, “Wills are not just for the rich and the wealthy it is for anyone who intends to transfer their assets to their loved ones”. So whatever the quantum of your wealth; to ensure its smooth transfer you ought to write your WILL.
Most people think a will needs to be executed on stamp paper, which is incorrect.
Yes, it is always better to seek a legal advice while preparing a WILL, but it is not a necessity. A WILL need not even be written on a stamp paper, it can be written on a plain paper.
You can change the WILL any number of times. But you need to remember that if the previous Will was registered, the new WILL also has to be registered. The last will & testament will be considered as the final will for the distribution of property.
If you have not created your WILL, do it at the earliest to avoid any future trouble between your loved ones.
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