WHERE THERE’S A ‘WILL’ THERE’S A WAY!
A large proportion of Indians find the thought of making a Will morbid. Familes find it taboo to bring it up in conversation, not realizing the implications of not leaving behind a Will. A sizeable proportion of Indians do think of writing a Will at some stage but put it at the back of their minds daunted by the thought of it being a complicated and lengthy process involving multiple visits to a lawyer and significant costs.
WillEffect offers its clients a confidential, quick, easy and convenient way to make their Wills online with offline support whenever required. Whats more is that WillEffect offers their clients these Wills based on the knowledge of lawyers of great repute at a fraction of the cost.
The only way to ensure that your assets are passed on to the people you want is to make a Will. Not having a Will can lead to…
- Somebody that you didn’t want to benefit from your estate may receive a share of it.
- Someone that you did want to bequeath some of your assets to, gets nothing.
- Your spouse not inheriting all of your estate.
- If your spouse remarries after you die, your children may not get all the inherited estate.
- A divorced spouse may lay a claim on your estate.
- Disputes within the family over your estate.
- Minor children’s interests not being looked after.
- Insurance policies and company dividends remaining unclaimed.
In todays world of uncertainty, in the age of terrorist attacks, frequent plane crashes and sudden deaths at a young age, it is absolutely imperative to make a Will to ensure your loved ones are taken care of.
WillEffect makes the daunting task of making a Will easy, quick and straightforward.
Don’t Make The Picasso Mistake
Pablo Picasso died on April 8th, 1973 at the advanced age of 91. Not only did this date mark the end of arguably the greatest artist of the 20th century, but also started a long legal battle because he died without a Will. Until 2015, various claims for his massive estate have been grinding a long drawn litigation battle in France. Apart from the extensive property owned by him, hundreds of unpublished and published artworks were also the subject of much interest.
Picasso left behind legitimate and illegitimate children, legitimate grandchildren and more than one partner. To add to the mess, his employees and coworkers (drivers, assistants, students, agents etc.) also felt they that they deserved a share of his fortune.
Most financial institutes will agree that it is very difficult to put an exact value to art, especially works that have never been bought or sold before. Various agencies put value to his estate ranging anywhere between $260 million to $1 billion. Over and above the physical works, lay the legal power of authorizing Picasso’s works that might be discovered in the future.
Another point of conflict was the commercial use of the Picasso name itself. His legit son Claude Picasso and granddaughter Marina Picasso were for years in a legal tussle about whether or not the name can be used as a branding and marketing tool for commercial products, and if so then who will reap the benefits from such a sale of copyrights. Marina Picasso also sold the reproduction rights of hundreds of Pablo Picasso’s works that she owned. Paloma Picasso has been selling jewellery and perfumes under that Picasso brand name.
Exhibitions around the world that house Picasso paintings continue to generate income for the artist, that could go to an unsettling number of parties. Many believe that he didn’t leave behind a Will because he was conflicted himself about who should be heir to his wealth.
Succession is often a topic that is labelled either morbid or awkward to discuss, for obvious reasons. But leaving behind a Will is an essential, even if you are not an artistic genius. It will save your heirs time, effort and financial resources, which would have been spent in litigation battles. Succession of large estates that will yield future income (dividends, interest) and appreciation (capital gains) can be made tax effective with the right financial advice. It is also important to note, that registering a Will, forming a trust fund and nominating an executor is a very uncomplicated and a relatively cheap process in today’s age of services.
A Will is not a permanent document, but one that can be changed as per your wishes as long as you live. A Will is not only something you should worry about post-retirement, but at every stage of life (could be to include your non-marital partner or to nominate guardians for your young children)f. A Will is not something only the very wealthy need, because no matter the size of the estate, the heirs will be inconvenienced just as much without a Will. So don’t make the Picasso mistake, write your Will.
Inheritance Or Loss
Some conflicts that you enjoy watching from the sidelines, may affect you in ways you can’t even imagine. I realized this the other day, watching news with my Nana.
It was not anything outside the sensationalized prime time debate, if you may call it that, that we are now so accustomed to having shoved down our throat. This one was about the political standoff regarding the Land Bill in the Indian Parliament. The senseless dirt slinging from less than eloquent spokespersons and an over enthusiastic anchor was getting to me, when my grandfather muted the television and broke into one of his ‘blast from the past’ stories that I love so much.
His father was a landlord in a prosperous village in Haryana. He died a pre-mature death, leaving behind all the lush agricultural land and the resulting produce trade to his only legitimate son, my grandfather. Nana left the village to join the defence forces, leaving the land to be managed by the Panchayat. In due course of time, he found out that his father had also left him three half-brothers and a step-mother, who turned up to claim their share of the land after the Hindu Succession Act, 1956 was passed. Without any sort of a Will, a conflict began in different district courts regarding the inheritance of the priced land. Due to lack of resources for a legal battle and poor understanding of laws, the matter remains unresolved till date.
That land lies encroached by hundreds of families today, who have assumed it to be a public space available for anyone to pocket. If the proposed Land Bill were to pass, the landowners in the area could be compensated with around 5-6 times the actual value of their agricultural land’s valuation.
My Nana is living a comfortable retired life, and has no plan of going to the village and fighting for that land. But had his father left behind a real Will instead of a last spoken word declaring him as the sole heir, Nana today might have had a little piece of fortune to call his own, and pass down his generations. My great-grandfather met with a fatal accident while riding his horse, at the age of 42. You might not ride horses, but surely it’s not too early to write a Will? Read more
