When there's no will, there's no way home for your legacy

Wills ensure your assets are distributed as you wish; don't let the law decide your family’s fate

- Maulik M

With multiple tasks vying for our attention daily, writing a will rarely makes it to the top of the list.

For many, it’s something only the wealthy bother about. But as long as you have assets to pass on, you should give serious thought to making a will. You can even draft it yourself, as long as you get the basics right. A will is a simple way to keep your family informed of your assets and ensure they're passed on as you wish after you're gone.

Why make a will

When you die intestate—that is, without a will—your assets are distributed among your heirs under succession laws that vary by religion and gender and may not align with your wishes.

“In the case of an asset owner dying intestate, the applicability of succession laws depends on the religion of the deceased on birth. If the person is a Hindu, Jain, Sikh or Buddhist, he/she will be governed by the Hindu Succession Act, 1956. Under this law, there is a significant difference in the case of a Hindu male versus a Hindu female dying intestate,” Rajat Dutta, founder, Inheritance Needs Services, said.

Parsis, Christians, and Jews are governed by Indian Succession Act, 1952, and Muslims by Muslim Personal Law.

Hindu inheritance differences

When a Hindu man dies without a will, his assets are divided equally among his Class I heirs—his mother, wife, and children. If none exist, they pass to Class II heirs, followed by agnates and then cognates. "Compared to this, the asset distribution for a Hindu female dying intestate depends on the source from where those assets or wealth came,” said Dutta.

In the case of a deceased Hindu female, the assets are first distributed among the husband and children including the children of predeceased children (that is, children of the Hindu female's deceased son or daughter). If none exist, then among her husband’s heirs, and only if, they too, do not exist, then among her mother and father.