Will Power: How Writing Your Will Puts You in the Driver’s Seat of Your Legacy

In a recent expert column, Neha Pathak, who heads Trust & Estate Planning at Motilal Oswal, highlighted just how crucial it is to write a will if you want to take charge of your legacy. While succession laws will automatically dictate how your assets are divided if you don’t have a will, creating one gives you the power to make sure your wishes are respected.  

 

Key Highlights 

 

•⁠  ⁠Default Rules: If you pass away without a will, your assets will be distributed according to succession laws (like the Hindu Succession Act or the Indian Succession Act), which might not align with your personal wishes or the unique dynamics of your family. 

•⁠  ⁠Personalized Planning: A will allows you to name beneficiaries, choose guardians for your children, and even specify how you want your cherished belongings to be treated. 

•⁠  ⁠Avoiding Disputes: Having clear instructions in your will can help minimize the chances of family disagreements, legal disputes, and delays in transferring your assets. 

•⁠  ⁠Flexibility: You can update your will as your life changes, giving you ongoing control over your estate. 

•⁠  ⁠Expert Advice: Neha Pathak suggests that you consult with professionals to make sure your will is both legally valid and tax-efficient.  

 

Outlook 

 

While succession laws provide a safety net, writing a will is the only way to truly protect your wishes and give your loved ones peace of mind.

 

Source: Motilal Oswal Insights