Contrary to popular belief, making a will is not just the prerogative of the rich and the famous. It is a must for anyone who owns even a few assets. While drawing up one’s own will can be depressing, it is also a necessity that will help your family peacefully identify and divide your assets once you are gone. This article discusses various approaches to splitting your assets and when you should choose equity over equality.
If your children are happily staying together during your lifetime, there is nothing wrong in expecting that they will continue to live together amicably even after you’re gone. But this expectation does not absolve you from the responsibility of making a will for distributing your assets among your children. In this article, we will explain how you can make a will. We will also discuss whether you should give an equal share of your assets to your children, and the special circumstances under which you can go for a more equitable distribution.
The importance of succession planning
In 2002, one of India’s top industrialists, Dhirubhai Ambani, passed away. He did not leave a will, presumably thinking his children will continue to stay together even after his demise. But that was not th...