As a part of property planning and distribution of my belongings, I wish to perceive the choices accessible for creating separate wills for every property that I personal. Are there any advantages or drawbacks related to this strategy?
—Name withheld on request
Though you’ll be able to create a number of wills for a number of belongings, it should create immense confusion between the beneficiaries and the distribution of the belongings. Further, managing a number of wills will be complicated and will require further authorized and administrative effort. If there are contradictory phrases in numerous wills, it might create authorized problems and dispute.
We will all the time recommend to make one will that covers your total asset base. You can outline every of the properties and belongings owned by you. Further, you too can outline to whom (desired beneficiary/ beneficiaries) every of the properties/ belongings needs to be distributed and during which ratio it needs to be distributed.
Do guarantee to supply correct description of the property, give particulars of the beneficiaries which can be talked about within the will with some sort of identification, do appoint the executor for the need and have the need witnessed by not less than two witnesses. In case you’re excluding a member of the family who ideally is an inheritor of your belongings then it’s prudent to explain why you’d be excluding him.
However, do keep in mind to replace your will periodically to replicate modifications in your belongings, beneficiaries, or different circumstances.
If you’re uncertain about methods to transfer forward along with your will, it’s possible you’ll take into account searching for the recommendation of knowledgeable. A authorized skilled can present steering on the necessities for a sound will and might help you make sure that your will is executed in line with your needs.
Neha Pathak is head–belief and property planning, Motilal Oswal Private Wealth.
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Updated: 17 Oct 2023, 08:30 PM IST
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