The Covid-19 pandemic has shown how unpredictable death can be. The second wave in the last two months has proved to be even dangerous with many dying simply due to lack of medical facilities as the health infrastructure got completely overwhelmed. Thousands of families have been devastated by the impact of coronavirus.
The situation becomes even worse when survivors are left without any financial security. While the pandemic has dented the economic capacities of millions of households, sometimes the lack of awareness about existing wealth such as life insurance, deceased’s will and other investments make matters worse.
The pandemic has necessitated the need for the family members to be aware about each other’s investments. The family head’s Will has also gained importance as a proper outline of his/her properties and investments can save the family in the times of pandemic. However, the job is not done by just writing the Will, it is also necessary to distribute the wealth proportionately.
Here’s why writing a Will is important.
Financial security
The most important aspect of a Will is that it ensures financial security for the heirs. The wealth can be distributed according to the needs of the survivors.
Peaceful Distribution of Wealth
Existence of a will ensures peaceful distribution of the wealth and saves the hassle for surviving family members. In absence of a Will, the distribution of the deceased person’s wealth may lead to legal trouble which can take years to arrive at a resolution.
Appointing Guardians for minors
The selection of guardians for minors, who lost both their parents, can be done through a Will. The appointed guardian(s) take care of the minors till they turn 18 after which they can legally be eligible to inherit the wealth. However, the parent(s) should carefully choose the guardian(s) since they will shape the upbringing of their children after their demise.
How to Make a Will
The person should write down all his wealth like real estate, shares, life insurance, gold and personal heritage.
After cross checking, the heirs should be assigned with thorough planning.
The appointment of guardians should be done after careful analysis.
Two independent witnesses, who in no way should benefit from being witnesses, have to be appointed.
An executor should be appointed. The executor plays an important role as he/she collects information related to the testator’s assets and liabilities. The executor distributes the wealth after the testator’s death.
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