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Creating a will in India may not be at the top of your to-do list, especially if you're a young adult just starting your financial journey. However, having a will is not just for the elderly or the wealthy. It's a crucial legal document that everyone, including young people, should consider. In this article, we'll explore the importance of will creation in India, and why even those in their prime years should have one.
A will, also known as a "Last Will and Testament," is a legal document that outlines your wishes regarding the distribution of your assets, property, and possessions after your passing. It allows you to specify who should inherit your belongings and ensures that your wishes are honoured. Creating a will is a responsible and thoughtful way to take care of your loved ones and make life easier for them in difficult times.
Here are five reasons why young people should create a will.
Uncertainty of Life: One of the key reasons why young people should consider creating a will is the uncertainty of life. No one can predict when accidents or unexpected illnesses might happen. Having a will ensures that your wishes are clear and legally binding, protecting your assets and ensuring they go to the right people.
Protecting Your Loved Ones: If you're a young person with dependents, such as children, parents, or siblings, a will is even more critical. By naming guardians for your dependents in your will, you can ensure their well-being and provide them with a stable future.
Avoiding Legal Hassles: Without a will, the legal process of asset distribution can become complicated and time-consuming. Your loved ones may have to go through a lengthy and expensive probate process. A well-crafted will simplifies this process and saves your family from unnecessary stress and financial burden.
Asset Protection: Even if you don't have significant assets, you likely have personal belongings that hold sentimental value. Your will can specify who should inherit these items, ensuring that they end up in the right hands.
Business Interests: If you own a business, a will can outline your wishes for its future. This can help ensure the smooth transition of ownership or management, preventing disputes among your business partners or family members.
Creating a will is an essential part of planning for your family's future, especially when you're considering the ACKO Life Flexi Term Plan. Here are some important things to keep in mind as you embark on this important journey
When creating a digital will, remember that it won't be considered legally valid unless you also have a physical copy of it signed by two witnesses. This means, you'll need two trusted individuals who can affirm that the will accurately represents your wishes. It's an extra layer of protection to ensure your intentions are carried out as you desire.
You're in control of who gets what. In your will, you can name multiple beneficiaries, allowing you to divide your assets and property among your loved ones as you see fit. This flexibility ensures that you can provide for your family and other people or causes close to your heart.
As the creator of your will, you hold the power to make important decisions regarding the distribution of your assets. Your choices reflect your values and wishes, and the will serves as a way to ensure your loved ones are taken care of, even when you're not around.
Appointing an executor is crucial. This person is responsible for carrying out the instructions in your will. Choose someone you trust, as they'll be the one making sure your wishes are followed through. It's an important role that should not be taken lightly.
Your will can specify how your assets, like investments in mutual funds, should be distributed among your beneficiaries. Whether you want an equal split or have different percentages in mind, your will allows you to make these wishes clear.
Your last valid will can also specify your funeral wishes. Whether you want a particular type of service, burial, or cremation, your will ensures that your wishes are respected. It's a way to ease the burden on your loved ones during a difficult time.
Creating a will is not as complex as it may seem. While it's recommended to seek legal advice to ensure everything is done correctly, the signature of two witnesses makes your will legally binding. This means you can take the first steps on your own and consult a legal professional if you have any questions.
Creating a will under the ACKO Life Flexi Term Plan empowers you to safeguard your family's future and make sure your assets are distributed according to your wishes. Remember that it's a personal and caring act that brings peace of mind. With these important points in mind, you can confidently plan for the future, knowing that your loved ones will be taken care of when the time comes.
When you buy the ACKO Life Flexi Term Plan, you can get free access to our Will Creation service. You can use this service to create a valid will in India.
Yes, a will written on a plain paper is valid if it is signed by two witnesses.
You can create a will without a layer in India with the help of ACKO’s Will Creation Service under the ACKO Life Flexi Term Plan.
No, a will without a witness’s signature is not valid.
Yes, an unregistered will that contains witness signature is still valid and legally binding. However, it is always a good idea to get it registered.
Yes, a handwritten will is valid in India if it has signatures of two witnesses.
Yes, signatures are mandatory in a will to make it legally binding.
Disclaimer: The plans, services, features, processes, and other details mentioned on this page are subject to availability and changes. Please check the applicable policy wordings before making any insurance-related decisions. Feel free to reach out to us at [email protected] for any queries.