Everyone knows that one day they will die, but it's depressing to think about it. Similarly, writing a will is not a fun exercise, as it forces you to ponder about death.
But it's probably one of the most important ways to secure the future if a loved one dies.
This is especially true for women today who are equal stakeholders of family wealth and inheritance, have their own businesses, and are successful in high-paying jobs. These women must take the next logical step to secure their wealth and pass it on to their legitimate heirs.
Read below why it is important for a woman to craft her own Will:
Taking care of children
For a mother, nothing beats the well-being of their children. Therefore, it is important to leave instructions as to who will be responsible for your child in case of premature death. This is especially true for underage children. As a rule, surviving parents receive custody of their children, but for single or widowed mothers, child protection is an important issue that must be voluntarily regulated.
Transfer of property to legitimate heirs
In India, inheritance law is still biased in favor of male members. For example, if a widowed Hindu woman with her own property dies without her will, the court is likely to hand over her property to her husband's family. This can happen even if she hasn't been in contact with them for decades / hasn't received financial support from them. Therefore, whether married, divorced, widowed, or single, a woman should willingly designate her heirs and her wealth.
Low risk of family conflict
Indian families are generally non-nuclear. Large families with many children are at increased risk of potential heirs. Therefore, it is important for women who are part of such a family system, to make wills to secure their children's financial future and avoid family conflicts.
In times of global change, such as this current pandemic, women cannot adequately protect their children. Therefore, both private family trust and wills are a comprehensive way to secure the child's financial future and ensure that wealth is passed on to the right beneficiaries without any hassle.