Make a will to save one's heirs innumerable hassles

When Keshavan married Anna there was tremendous opposition from his very conservative parents.

They disinherited him. The birth of twins a few years later to Keshavan and Anna did not result in reconciliation. Undeterred Keshavan worked hard and in ten years he had a thriving business. He had a factory in the outskirts of Mumbai and clientele that appreciated his services. They bought a house; their children were going to good schools; they were happy. It was then that tragedy struck.

Keshavan collapsed on his way back from work and was declared dead on arrival at the nearest hospital. Keshavan's parents, though informed, did not attend the cremation. A month later when Anna was setting Keshavan's estate in order, Anna was asked for a copy of Keshavan's will.

Keshavan had not written a will. Being only 36, no one had imagined he'd pass away so suddenly.

She was told that she would need Keshavan's parents consent to do anything regarding Keshavan's assets as they inherited an equal share. Anna approached his parents in good faith. It was then that she was hit with a double whammy. Keshavan's parents insisted on their share (even though they had no need). With no help (her parents were no more), Anna was literally forced out of the business Keshavan had so assiduously built.
If Keshavan had written a will this would never have happened. He could have ensured that his family inherited his entire estate. As he had not done so, his parents received an equal share and in this case, they showed their opposition to the marriage by literally throwing Anna out.

This is not an unusual case. A recent study revealed that only about 18% of India's middle class actually write a will. Most do not feel the need to write one or they are indifferent. To protect one's immediate family following the anguish of death it is imperative that a will is written. And it is not difficult. All one has to do is write one's wishes on an ordinary piece of paper stating that it is his last will and testament and that he is in sound mind and writing it without coercion from anybody. He should sign it in front of two witnesses (who must not be beneficiaries) and date it. It's that simple and once done would save one's heirs innumerable hassles.

A will activates when one dies and the property goes to those who are the beneficiaries. You may have some plan in that you may not want all your wealth to go to your heirs immediately especially if your children are very young or if you are concerned that they may "blow up" the inheritance. If you have such fears you could create a trust stipulating that your heirs be given the income from the trust and that the principal either remain unbroken or that it devolve on your heirs when they reach a certain age or the happening of an event. The trust could even be set up during your lifetime. Trusts are common in the west. The Kennedy family have many trusts and family members literally live off the income generated by these trusts. Recently, ten million pounds sterling devolved on Prince William (on his becoming 30 years old) under the terms a trust set up by Princess Diana.
In India, very few actually create trusts but this is an option one should seriously look at to ensure the well being and security of one's children and family.

He is managing director Cortlandt Rand and an author