Writing a Will: Planting a Resilient Tree for Future Generations

hile we all were dealing with the pandemic, through the past couple of years, through the uncertainty of both life and jobs, a thing that crossed my mind many times during those days of work from home, is that my family doesn’t know where or what are all the assets - in my case my spouse doesn’t even wish to visit an atm - her entire personal and work expense and income has been delegated to me. Hence I decided to finally work on a Will and put out a detailed list of both the assets and liabilities that the family has and the various nominations/beneficiaries that are there.  

Writing a will is like planting a resilient tree that offers shade and protection for the family behind you, especially if you are the main provider and the current controller of all asset allocation of your savings/investments..  Just as a tree's roots provide stability and nourishment to sustain its growth, a will is a solid foundation, ensuring your wishes are respected, and your loved ones are provided for.  And as we age especially, there comes a time when we must put our affairs in order and ensure a smooth transition of our assets after we are gone. Now, let's delve into why writing a will is essential, exploring how it acts as a roadmap for distributing assets, minimizing conflicts and offering clarity and peace of mind during challenging times.

What is a Will?

A will is a legal document that serves as a roadmap for distributing your assets, ensuring your wishes are respected, and minimizing conflicts among your beneficiaries after you pass away. Much like a well-tended tree brings peace to those who seek its shade, a thoughtfully written will provides clarity and peace of mind for both the testator and their loved ones.

The Importance of a Will

• Preserving Your Legacy: Just as a tree grows and matures over time, a will grows in importance as your life progresses. It enables you to specify exactly how you want your assets to be distributed among your beneficiaries. By explicitly stating your intentions, you can prevent potential conflicts and guarantee the preservation of your legacy.
• Minimizing Legal Complications: A healthy tree stands tall, weathering the storms that may come it's way. Similarly, a well-drafted will can help minimize conflicts and legal challenges among your loved ones after passing. Without a will, loved ones may be put through a lot of stress and consume a lot of time in claiming what is rightfully theirs.  Further, in the absence of a Will, the state decides who inherits your estate according to their intestacy laws, which may not be how you intended. Intestate succession in India refers to the distribution of assets when a person dies without a valid will. Creating a will is highly recommended to ensure assets are distributed according to personal preferences and to avoid potential conflicts.
• Protecting Your Dependents: If you have dependents, such as children or elderly parents, a Will allows you to designate a guardian or caretaker responsible for their well-being after you have departed. This provision ensures that your loved ones receive proper care and instills a sense of security during a challenging period.
• Supporting charitable causes: If you wish to give a portion of your assets to religious or social causes, a Will will allow you to officially make such bequests and ensure your wishes are honored after death.

Key Process To Follow When Writing A Will

• Include all personal details correctly: Mention your full name, parent's name, address, and full date to establish the Will's validity. Have your identification proofs ready for reference.
• Detail your assets clearly: List all investments and properties covered in detail to avoid any ambiguity or future disputes among legal heirs.
• Name a reliable executor: Appoint a trustworthy person who can manage your estate competently and fulfill your wishes as specified in the Will.
• Identify beneficiaries precisely: Name your legal heirs unambiguously and specify the share of assets to each one. Double-check for accuracy.
• State that the Will is of your own free will: Explicitly declare that the Will has been drafted of your own volition, without force or coercion. This ensures its legal validity.
• Seek Legal Assistance: Consult with a knowledgeable attorney specializing in estate planning to ensure the legal validity and compliance of your will. Have it registered and mention any previous Wills you are superseding with this new one. Ensure your witnesses are credible individuals.
• Review and Update: Regularly review and update your Will to accommodate significant life changes such as marriages, divorces, or acquiring new assets.

Concluding to the above, my years of experience in finance, a sector that focuses on optimization, have made me see writing a Will as an opportunity to grow one's "legacy tree" in a way that provides the maximum "shade and protection" for people one loves. Just as a tree's roots draw nutrients and water in an organized way to feed its growth, a carefully planned Will, channels one's resources - financial, material, or emotional - towards benefitting loved ones and causes in the most effective manner. It allows one to "prune" ways that do not yield the desired outcomes and "nurture" those that do.

Article written by Ashwini Kapila, a retired banker who has served in the financial services sector spanning more than 28 years. 

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