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What is the right age for writing your Will ??

Many financial advisers have noted that writing a will is now actively pursued, despite for a long time not being on people's lists of things they should do.More people than ever before, from all age groups, are creating the documents that disperse their assets.


So when can you start writing your will?


Technically, You must be a legal adult; at least 18 years old, in order to write a will. However, the best time to start preparing for a Will is when you have started creating financial assets and acquiring debts. Following are a few of the life events when preparing for writing a Will is considered to be a good idea.


  1. You possess a number of financial assets, which may comprise your estate, investments and include everything from your car to the amount of money in your bank account and superannuation account.

  2. You received a sizable inheritance or acquire a new real estate

  3. You either have a child or children, or you are their legal guardian.

  4. You own an animal.


But why do you need to write a Will?

The simplest response to this query is Life is unpredictable. Doing succession planning by writing a Will lessens the financial and emotional burden on your loved ones after your passing and ensures that any children are well cared for. If you pass away without making a will, this is referred to as dying intestate, and it implies that your estate will be divided according to a set formula, maybe against your preferences. Additionally, this can be a challenging procedure that puts additional stress on your friends and family.


You can name your beneficiaries and specify exactly what you want to happen to your assets when you die away by creating a will, whether you want them to go to your parents, spouse, children, or even a charitable organization.

In detail, writing a Will can prove beneficial in many situations such as-


1.1 It Provides as directory for all your wealth and Debt

Apart from being a legal document that helps in bequest of assets, a Will also works as a single directory for all your financial details. These details might come very handy in figuring out your assets details by family members when you are not there. It also ensures no valuable asset is missed out.


1.2 To provide your family instructions

If you were to pass away, your loved ones might not be aware of your final desires. A will provides brief and clear information that will make things simpler for your family members.


1.3 You should write a will if you own a valuable item of property.

If you have a family heirloom, you should make sure it is passed down through the family. Using a will, you may guarantee that the heirloom goes to the location you believe it should.


1.4 In case you own a pet

If you own a pet, you want to be sure that it will be adequately cared for in the event of your death. Including explicit instructions in a will is the greatest way to ensure that your pet will go to a loving home with a reliable friend or relative.


1.5 A will can aid in avoiding probate

Your family members might not need to go through the probate procedure if you have a will (in certain legal jurisdictions). They may save time and money by doing this. The law mandates probate if you pass away without a will.


1.6 To distribute assets among beneficiaries

Using a will, you can specify how your possessions will be distributed to your beneficiaries in the event of your passing. You can specify precisely who will get what property following your passing.


1.7 For complex family dynamics

It is best to have a will if your family is complicated. If not, state law will dictate how the property is distributed, which might not always be in accordance with your preferences. Be sure to update your will if your beneficiaries alter in any way.


1.8 Donation of assets to a charity

You must specify in your will if you want to donate some of your possessions to a charitable organization. You can specify the people or organizations who will receive your assets by naming them in your will.


1.9 If you are in the police or military

It is best to have a will in place while you are a member of the military or the police. You can rest easy knowing that, in the unlikely case of your passing, your loved ones will receive the right care and according to your intentions if you have a will.


Writing a will doesn’t have to be a difficult task, here are some things to remember Instead of stamp paper, the will may be written on plain paper.

An important prerequisite for a will to be recognized as genuine in India is that it be written on plain paper rather than stamp paper. Additionally, a will that is written on paper is just as legitimate as one that is written on stamp paper.


The testator's and witnesses' signatures must be found on the will, whether it is handwritten or digitally printed. You must specify in your will if you want to donate some of your possessions to a charitable organization. You can specify the people or organizations who will receive your assets by naming them in your will.

It is best to have a will in place while you are a member of the military or the police. You can rest easy knowing that, in the unlikely case of your passing, your loved ones will receive the right care and according to your intentions if you have a will.


Although the testator's and the witnesses' signatures can be computer-printed on the will. It is encouraged that the will be written by hand because it is unquestionably the most legitimate document and is thought to be authored by the testator with full awareness and understanding.


The distinction between the nominee and the beneficiary is the most crucial function of a will. A beneficiary is the person who finally receives the property

whereas a nominee is the person who holds the property prior to its final allocation along the lines of the will.


Overall, it is imperative to create a legally binding will. In addition to facilitating efficient and effective estate planning, a will enables the surviving family members of the deceased to prevent pointless disputes and legal action. Additionally, it aids in protecting the legal heirs of the deceased from any relatives or claims who might emerge following the deceased's passing to demand their share.


This article is powered by www.oiconomos.com. Oiconomos is the ultimate companion to personal finance succession management. Whether you want to keep your family members informed on critical information about wealth or Create your Will at the convenience of your home all by yourself with Oiconomos mobile App. It is easy to use, informative and secure. Oiconomos’s data blind policy makes your data accessible and visible to you only.

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