Excuse 1: "Why Make a Last Will? It’s Obvious Who Will Get My Possessions Anyway.”
AaWillKar: Yeah, that’s what NaaWillKar thought, and look how his family is fighting today.
This is one of the most perilous misconceptions people have. The rules for distribution of assets if one dies without a Last Will (refrerred to as intestate) are different in different states and religions. And, the legal mess left behind is much more complicated and expensive than getting a Last Wills made.
For starters, the property of the intestate is distributed among only the class 1 heirs (that is, the mother, wife, son and daughter). Nobody else in the family is allowed any claim to the wealth left behind. Plus this distribution system differs depending on your religion. If you’re a Hindu, the property would be divided equally among your class 1 heirs. If you’re a Muslim, 2/3rd of your property would go by line of succession to your family, and 1/3rd would be passed on to your heir. Either ways, your family would have no say in how the assets are divided.
Don’t leave your loved ones a legal nightmare as a parting gift. Get a Last Will made to allow your loved ones access to your wealth smoothly and quickly.