“A famous musician died without a will in the late 70s, and ever since, his estate has been dealing with a family fight.”
Sumant, a real-estate dealer belonging to a non-descript vil- lage near Hyderabad, did nothing to attract fame during his lifetime. But when he died all of a sudden due to a heart attack in 2012 at the age of 48, he quickly became famous for some- thing he failed to do during his lifetime: “Write a will”.
Even if he did write one, he kept it at a place where none could find it. With no living family members, Sumant passed away leaving behind a huge estate worth nearly Rs. 25 crores which was a very astonishing figure going by the status and style of the village he was residing in. And unless the court-appointed administrator of his assets finds relatives through a genealo- gist search, every paisa of his could end up going to the government treasury!
In another case, a famous musician died without a will in the late 70s, and ever since, his estate has been dealing with a fami- ly fight. While his father ended up taking over the estate as the next of kin, his brother fought over rights to use his name and images for decades. Part of the reason for the ongoing battle: His estate con- tinues to generate income from music royalties and other sources, and publicity rights remain ex- tremely valuable.
Most of the people in our country or rather worldwide die without a will and also without considering the consequences of their actions on their family members who sur- vive them. It’s not just the rich who need an estate plan; anyone who has assets that they wish to pass on to their heirs needs a will. Dying without one can create problems for those you leave behind. Your property would then be divided as per the law, which may not be the way you would have wanted it!
In the wake of an unforeseen tragedy where your entire im- mediate family passes away, your property may go to a relative you may have never spoken to, or liked, as a matter of fact! Instead, you may make provisions to generate an inheritance through benevolent gifting. The nonexist- ence of a legitimate will means that your noteworthy other may not receive anything from your estate upon your demise. Besides, you are unable to take advan- tage of tax savings while subjecting your kin to expenditure on lawyers and court costs following your demise.
A will is the most significant, but frequently mistreated part of a sound estate plan. What’s surprising is that the rewards from preparing a will are countless, and enormously priceless. So why do so many of us put it off? Hopefully with a slight responsiveness those of you, who do not have a will, will begin thinking about getting one.
Once you decide to take action you would observe how little does a will cost, in comparison to the legal charges that can come up when there are troubles with an estate.
It doesn’t have to be intricate, even an easy will is sufficient to communicate your objective as to who should be given your as- sets following your death. Moreover, if you have minor children, wills consent you to name a cus- todian for them that will keep you away from any insecurity or fear about who would be taking care of them if something happens to you.
Once executed and preferably registered, it will go a long way towards avoiding family feuds after your death and having your memory overshadowed by dis- cord among your loved ones. It’s often advisable to consult a pro- fessional about your situation to ensure that all of your wishes are addressed and that your will con- forms to the applicable laws. A lawyer can without difficulty pre- pare a will for you, often for just a reasonable fee.