- Date : 23/10/2019
- Read: 5 mins
- Read in हिंदी: क्यों है वसीयत बनाना अहम?
If you haven’t made your will yet because you feel it’s a tedious process, here are some important things you should know.
Ask anyone if they have made their will, and the answer you will probably get is ‘I don’t need it right now’. It is estimated that 80% of Indians do not have their wills made. Many reasons contribute to this inaction. Some of the most popular ones include:
- I don’t have a lawyer… making a will is too much bother
- I’ve told my spouse and children of my intentions, that’ll do
- It’s too soon to think about it.
We’ve all come across or heard of instances of the mess that families deal with after the passing of a member who hasn’t left a will. The truth is that the benefits of having a will are many.
A will requires a consolidated listing of all your assets; a great exercise for those who have been negligent in maintaining such a record.
If you run a business, a will allows for the smooth transition of ownership
It protects your assets for your heirs, or from them, if you have other inheritors in mind.
A will can also assign responsibilities as to how an item or person should be cared for after your passing.
What if we told you there was an easy and virtual way to make your will? All you need to do is to have a consolidated list of your assets, and fill up a simple document. iWill from Aegon Life is a simple, editable and customized e-Book with a legal will format, that can help you make your will your own way, at no cost.
Why you should consider iWill?
Apart from offering an easy, hassle-free way to make your will, the form covers all the important sections such as-
- A statement that mentions this is your official last will and testament. Here you need to only fill in the blanks to add your details
- A statement of consolidates assets: The editable section allows you to enter details of bank accounts, investments, details of owned property, FDs, lockers, jewellery, club memberships, digital assets, and other assets not covered under these categories
- A statement of consolidated liabilities: The editable section allows you to enter details of loans, credit cards, personal debts, and liabilities not covered under these categories
- A declaration that all the above are self-acquired assets, and that no one else has any claim to them.
- Statement appointing the executor of your will (i.e. the person appointed to administer your estate after your passing) and his/her identity and address details
1. Authorisation to the executor
- to conduct your funeral as per your wishes
- To collect all assets, adjust/settle all liabilities, incur all necessary expenses for the same
- to obtain probate as necessary (i.e. the legal process whereby a will is "proved" in a court and accepted as a valid public document) incurring expenses thereupon
- belonging to you and your witnesses.
2. Statement detailing allocation of assets in the proportion of your choosing
3. Statement appointing legal guardians for any minor heirs or alternate executors in case your main executor is incapacitated.
The iWill also includes Annexure 1, where you can make additional statements for specific bequests (e.g. leaving your antiques collection to your second daughter). You can even specify the allocation of an asset that is to be shared by several parties.
You can start your will making process this very minute. Simply download and browse through the simple form. Any additional questions you may have should be covered in our FAQs section provided in the booklet. Now there really is no reason to put off making this important legal document when it grants your loved ones’ peace of mind during a stressful time, and guarantees them their rightful inheritances after your passing.
The iWill is a quick and simple way for you to make your will, ensuring that your future matters are in order. So, share this hassle-free experience with your family and friends, and encourage them to do the same.
"Aegon Life Insurance Company Limited (formerly Aegon Religare Life Insurance Company Limited) is a joint venture between Aegon, an international provider of life insurance, pensions and asset management, and Bennett, Coleman & Company (The Times of India group), India’s leading media conglomerate. Aegon Life Insurance is one of the first Life Insurance companies in India to go digital. Aegon Life is a digitally-led insurance company that leverages online platforms to reach out to customers in an engaging and personalised manner. Some of their customer initiatives include iCare, iEngage, iAlert, Aegon Life Times Newsletter and Facebook Live sessions on topics related to health and fitness."
Disclaimer: This article is intended for general information purposes only and should not be construed as investment, insurance, tax or legal advice.You are encouraged to separately obtain independent advice when making decisions in these areas.