If you want a hassle-free life for your kids, even when you are not around, you make a Will for them. For those who are planning a Will in the near future, there is a suggestion from American billionaire business magnate Warren Buffet. The Berkshire CEO believes that one should make their Will by having consultations with all their legal heirs.
Here is what Warren Buffet said about making your Will?
“If your kids are reading your will for the first time after you have died, this is a mistake that you won’t be able to correct,” the value investor said in a TV interview.
He further said that he is not going to sign a Will unless he shared the contents of it with his 3 children and got their feedback. Now, my children are in their 60’s, added the ace investor.
In India, it is uncommon for parents to expressly reveal their final wishes to their children before passing away. In Indian culture, it may be considered disrespectful or unsettling to disclose Will’s contents in advance.
According to Tax and Investment expert Balwant Jain, you should not divulge, with your legal heirs, your plan to bequeath your various assets if the bequeath is going to be unequal as it may vitiate the cordial atmosphere in the family.
“However, if you are planning for equal distribution through a bequest, there is no harm,” Jain added.
Wills are frequently kept private in India
In India, Wills are frequently kept private until the parent’s demise. “The major goal of this strategy is to promote familial unity and avert any disputes between family members. The possibility of arguments, disputes, or undue influence from anyone hoping to gain from the Wll exists when the Will is shared in advance,” said Vinit Khandare, CEO and Founder, MyFundBazaar.
Instead, Indian parents frequently concentrate on teaching their children life skills through casual discussions, anecdotes, and personal experiences. The disclosure of the specific contents of the Will is normally saved until after their passing. However, they may indicate their preferences gently or indirectly influence their children’s choices, added Vinit Khandare.
How to make a Will?
Making a Will can be a simple procedure if the assets are few. You can even write it out by hand. You can avail of the services of a lawyer or prepare a Will online. Many banks, as well as other financial institutions, have tie-ups with legal firms to help prepare a Will online. Whether you make a Will online or offline, some rules are common like for a Will to be valid, it has to be signed by two witnesses.
Why is it important to prepare a Will?
If a person dies without a Will, the law of succession comes into effect, which not only increases the scope for legal disputes, but also increases the processing time for inheritance. So, money experts advise preparing a Will
It’s crucial to remember that different Indian families, communities, and regions may have diverse practices and customs. During the parent’s lifetime, some families might decide to have open discussions about the Will, but others might opt to keep it a secret until the right moment.