Pros and Cons of a Last Will

A Will is a legal declaration of a person expressing posthumous disposition of his/her property. The laws for the same are given under Indian Succession Act, 1925. This law applies to every citizen of India except Muslims. Unlike everyone else, a Muslim person, under Muslim personal laws can make a Will only to the extent of one-third of his total property.

Pros of a Last Will

There are many Pros to making a Will if you want your property to be transferred based on your decision. The same are discussed below.

Property is distributed according to your wish

The most important advantage of having a Will is that you can decide who will receive what from your property. If there is no Will, the property will get divided according to the laws of succession. This can lead to transfer of the property to people you did not want to get the benefit. Without a Will, the assets get distributed to all your class one legal heirs (mother, spouse and children) and in their absence to class two heirs (father, grandchildren, siblings and their grandchildren).

Therefore, if you wish to distribute your assets as per your wish, you should create a Will for that.

Rules out family disputes

If you wish to rule out the family disputes regarding sharing of your property after your death, a Will can be created. It lays down the shares of all people you want the assets to be distributed amongst and therefore minimizes the possibility of any dispute or legal challenge.

All assets are revealed

A Will requires the mention of all the details regarding your assets. This minimizes the chances of any asset going unclaimed after your death.

Set-aside funds for minor children

A Will also allow you to appoint a guardian for your minor children and also put aside funds for them. A trust can be provided for in the Will which shall be created after your death in order to hold the property for benefit of any person you choose, like your children.

Charity and legacy

Through your Will, you can mandate that a certain or entire amount of income from your property may be contributed to any charity of your choice or any family business for certain period. The same will be carried out on execution of your Will.

Cons of a Last Will

There are not many Cons of a Will except a few. The same have been discussed below.

Legal Challenge to the last Will

There can be a legal challenge to the Will. But if the Will is made according to the provisions of Indian Succession Act, 1925 and registered accordingly, it will stand in case there is such legal challenge to it upon your death.

All assets become public

A Will requires you to list down all the details of all the assets. If you don’t wish to make any asset public, for reasons of tax saving or any other, than it might be disadvantageous to you. The property not disclosed formerly might also become subject to tax.

As there are many benefits to making a Will, it is always advisable that a Will is made by everyone who owns any property and not only old or sick people because death is unpredictable. Also, timely modifications to the Will are necessary whenever a property is purchased or sold.

You can visit www.bestlegalservices.in for more information and easy solutions to create a Will.