Will – A simple yet effective Estate Planning

Manisha has accumulated wealth for her family. Manisha passed away and her family was in financial trouble and was scrambling for things as she created wealth but didn’t create a will.

We frequently hear, “I’m too young to make a will,” or “I don’t need to make a will.” However, in today’s world, unwelcome problems are common, and we’re confident you don’t want to put your family through that. That’s why you need a will. Let’s discuss this in detail.

A will is a legal document that outlines your desires for property distribution and the care of any minor children. Those wishes may not be carried out if you die without a will. Furthermore, your heirs may end up spending more time, money, and emotional energy after you pass away to settle your affairs.

Life is, as you know, highly unpredictable and uncertain. It is always preferable to write a Will and keep it safe when you are still young and/or in good financial and physical condition. You don’t have to wait until you have a lot of money to transfer it or until you’re 65 to make a Will. You can always revise it as your assets like property, house, or business increase over the period of time. 

So, as long as you’re a major(18 years of age and above), there’s no precise age when you should prepare a Will.

Why Do You Need a Will?

Some people believe that wills are only necessary for the highly rich or those with property issues. There are, nonetheless, numerous strong reasons to have a will:  

?You have complete control over who receives the assets and who gets what.  

?You can choose who gets what asset thereby keeping it out of the hands of estranged relatives.  

?You can decide who will look after your children and not a court in your absence.   

?Your heirs will be able to access your assets more quickly and easily.  

?You can prepare to save money on taxes for your estate. You can also make gifts and charity donations to reduce your estate’s tax liability.

So make a will today ✨ Do let us know in the comments if you want us to cover about will in a more detailed manner.