An individuals objective has always been to see his family members and near and dear ones financially secure, in case of his demise. Most of time and energy is built around creating wealth in the form of real estate, gold and fixed income securities.
While, it's extremely difficult to create wealth, it's extremely simple to create a Will and register it, which is the most important thing. click to know how to create WILL in India.
In many cases families struggle to distribute the wealth amongst the family members where a person dies intestate, that is without writing a will. There are often court cases and disputes remain unresolved.
Who can be eligible to claim?
In case of Hindus, class one legal heirs are diseased mother, spouse and children. In case, if any child has died, then it will pass to their children and spouse with an equal share.
According to Hindu Succession Act, Class Two heirs are your father siblings, living children's grandchildren and sibling's children, among others. Also, a child in the womb has same right as a born child. If no Class I are there, it will pass to Class II heirs.
What if a person does not have any relation?
If there are no Class I or II heirs, then the property will first go to agnates, means a person descended from the same male ancestor and if no agnates then it will go to cognates descendent blood relatives of male or female line. Even if there are no cognates then the estate will go to government.
What are the advantages of registering a WILL?
One can avoid the legal hassle and clashes in the family. People with fraudulent intention are not entertained. One can make special provisions for non family members.
Having a WILL available at the time of your death will not hamper your estate planning or any of your assets as the legal heir will be know and would take the responsibility. Having a planned WILL does not give rise to any potential disputes and conflicts.