Being a parent is difficult. It comes with a lot of responsibilities. And one of the major duties of a parent is to create a Will. While a Will itself is important to give an ordered life to the family, it becomes ultra-important when the person has children. If somebody dies without a Will, then the court uses the already fixed laws to make many decisions about the property and the kids, which might not be desirable. Till 2017, India had around Rs 64,000 crore unclaimed money with authorities that are unknown to the legal heirs. On the other hand, unclaimed money with life insurance companies has grown over 250% in just four-year period. Meanwhile, a Will is affordable and easy to be made. With only two witnesses present during the execution, the testator can make a Will at any place, at any time. Even a digital Will under the supervision of legal advisors is getting acclamation. Here are the reasons why the Indian parents must plan and create a Will to safeguard their child’s future
Why Indian parents need a Will?
Eliminate troubles from the kid's life
This might sound a little dramatic but life is indeed uncertain. While parents plan a lot of things for their children and their happiness, it might get stalled due to some unfortunate incidents. And this event might pile a lot of burden on the children, along with the emotional turmoil of losing the parents. From dealing with assets to asking legal advice, the children might end up not understanding and even missing major things left by the parents. So, to secure the kid’s life, the parent’s first responsibility is to create a Will and state their wishes clearly in it.
Safeguard the child's financial future
If somebody passes away without a Will, then the estate is distributed by the laws of intestacy. It is the rule that defines where the assets will go. While this law goes well with many conventional families, it often ends up creating family feuds. A Will not only clarifies the shares but also gives a clear list of all the properties and accounts in one simple and easy-to-understand document. The Will ensures nothing goes missing including savings, pensions and others.
Designate the child's legal guardians
Most parents never take guardianship profoundly. But it is remarkably important. A child is considered minor till the age of eighteen. If anything happens to the parents during this time, they might end up at a place which might not be what the parents have thought of. This uncertainty can be easily avoided with a Will that can state the children’s guardian if something happens to the parents. Moreover, in the case of a disabled child, a parent can take their guardianship after the child turns eighteen to look after them. They can also nominate a guardian on their Will for times when they won’t be around.