Women’s Day Special: Why should women make a Will? Analyst explains

 By Mr. Raghvendra Nath, Managing Director of Ladderup Wealth Management

Women were always perceived as the weaker sex thorough out history. Deprived of their rights in society, subjected to gender bias and even marginalized at home, women were always treated as second class citizens in most of the places and at most of the times.

Though a lot has changed due to rise in awareness, the power of social media, inclination towards making gender neutral laws or making the existing laws gender inclusive, there still is a long way to go to ensure that the women do not feel neglected, to ensure that they feel secure, protected and to ensure that they are treated no less than a man.

Still, there are certain laws which are still biased against females, one such law is succession laws. Whether a woman is a working professional or a homemaker, it is important for her to be aware of the succession laws that would be applicable to her.

In case of a Hindu woman dying intestate i.e. without making a Will, her legal heirs would be her husband and her children. However, if none of her husband and her children are alive, all her property, including her self-earned property, would go to her husbands’ legal heirs to the extent of the husband’s siblings, and only if her husband’s legal heirs are not surviving, only then, would her assets go to her own parents.

Though the laws applicable to Hindu female are blatantly discriminatory, it is highly unfortunate that we cannot do much about the prevailing succession laws. However, the only way to avoid such a situation is creation of a Will by every woman.

A Will ensures that your wishes are being fulfilled with regards to the distribution of your hard-earned assets and the wealth is passed down in a smooth and hassle-free manner.

Though the best part about having a Will is that you get to choose who will benefit from your assets after your demise, it plays even more important role in making sure that your wealth doesn’t land in undeserving hands.

For a mother, a child’s well-being holds supreme importance. If she is alive, a mother will go to any extent and face any hardship to make sure that her child’s needs are taken care of. However, a constant worry in the minds of every mother, especially a single mother of a minor child, is that who will take care of her child in the event of her untimely demise.

A guardian can be appointed by means of a Will. A guardian is someone who would take care of the child’s need ensuring you that the child is taken care of even after your passing away. A set of instructions with regards to the child’s everyday needs, health, education etc. can also be mentioned in the Will.

If such a woman doesn’t have a Will, the Court would have to appoint a guardian for taking care of the child which may not be aligned to your wishes.

Women were always considered to be sensible investors and with the increase in financial literacy and plenty of government schemes for the upliftment of women, investments are no longer restricted to just savings accounts or fixed deposits, and many women now prefer to invest in a wide range of assets.

Thus, for everyone in general, and for women in particular, a complete list of all the investments made can be mentioned in the Will which will help in avoiding any leakage of assets and assist the executor and the beneficiary in tracking all the assets.

Women no longer are confined to the four walls of their home and with the drastic increase in number of women as working professionals or as single parent and sole breadwinner, it is even more crucial for them to have their own individual Wills.

Every woman, whether a working professional or not, has a plan to achieve her goals during her lifetime whilst caring for the well-being of her loved ones but there are only a selected few who devise a plan to protect their loved ones as well as their wealth when they are not around.

Being aware of the Succession Laws is just half the battle won but having a well-drafted Will in place guarantees a woman that the allocation of her hard-earned assets will be done according to her wishes and not according to laws which are patriarchal in nature.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)