basunivesh@gmail.com
Do you know after the death of Dhirubhai Ambani how the family turned to battlefield? Â It is all because of death of Dhirubhai Ambani without having proper last WILL. Hence WILL is a must have document for, so that all your assets will be distributed among family members as per your wish.
Before proceeding further, let us see few example of famous personalities of world who died without WILL.
- Pablo Picaso-Famous painter died without WILL. So it took around 6 years to settle his estate of worth $30 million. His assets were finally divided among 6 heirs.
- Jimi Hendrix-Famous Guitarist, diet at the age of 27 yrs without WILL. It took around 34 years to settle his assets. Because of this delay his close members of family never benefited of his assets.
- Abraham Lincoln-US President and lawyer by profession died without WILL !!!
- Dhirubhai Ambani-India’s Top Businessman died without last WILL. This turned out to be family tussle between his two sons. Finally his wife divided the property among both sons.
The above examples will show the importance of WILL in one’s financial planning process.
So what is WILL? I tried to explain the basics of WILL in below small video presentation. Hope it will be helpful for you.
As you noticed from above video presentation, you can create your WILL on white paper without registering. But the problem is, what to include and whether to take the help of lawyer. To avoid such ambiguity, WILLJINIÂ a leading company in succession service come up with an idea of creating a WILL online without any third person help. They are the group of legal experts who are special qualifications in providing such service.
How to create WILL online with the help of WILLJINI?
This is first time that someone started to offer such service of creating WILL online. It involves 3 steps.
- Fill your details like personal details, family details and assets you own.
- Check the status online and pay the fee (as of now they are quoting Rs.4,000 for WILL creation and I think it is at competitive rate).
- Take the printout of the so generated WILL and sign.
That’s all you need to do 🙂 For further process and help, you can contact them. But I found this service as unique and easy for all who are bit lethargic in their financial matters.
Hi Basu,
It’s surely a good and informative article. You often choose to write on topics which are very important and a common man like me, is looking for information.
Teja-Thanks for your kind words 🙂
I hoped to learn more about the process of making a will, with some standard practices (or content) to be followed. Incidentally, a will is not required to be registered, and can be written on a simple plain paper, but it should carry attestations of two witnesses, both or either of whom may be its executors as well. The format of a will is available on various websites, should one choose to refer to them. There is no rigid format though, and hence there is no need to have it made by someone at Rs. 4000. Hence, though Mr. Basavaraj often shares useful information on personal finance matters, this particular article seems to endorse the services of WillJini when no such specialized service is required. Even an advocate in a local Court can guide anyone at much less cost.
Ramesh-Thanks for sharing your views. For your information recently one of my client paid Rs.10,000 for creating a WILL from the advocate of local court. So it depends on the advocate or of whose service you are opting. If you are so much comfortable to Do It Yourself (DIY) then you can go ahead. But in all cases it is not like that as it involves lot of family relation and asset complications.
At the same time I shared and appreciated the service of WILLJINI as they are offering it online, which is very useful for NRIs or who are very much internet savvy. So I disclose here that, there is no personal benefit from WILLJINI to me in writing this post. It is purely based on sharing information.
Hi Basa.. Informative article. The most neglected aspect in Financial Planning is estate management .
Sreekanth-Thanks 🙂 Yes it is true in almost around 99.99% case this is the most neglected part