Women have come a long way battling gender and social biases to establish their unique identity in their own right. Be it working in the corporate world, turning entrepreneurs, inheriting family businesses, making investment decisions, etc. In present times, it is hence all the more critical for women to write their own Will.
Estate planning is one area where women are not aware of their legal rights. The adverse effects of a woman dying without a Will and what happens to her personal/financial assets are not known. This holds true for homemakers too.
If a person dies without a Will, it is known as intestate succession. This means inheritance is decided based on the laws of the religion, an individual belongs to. In India, if a Hindu woman dies without a Will, the Hindu Succession Act will be applicable. The laws are extremely unfavorable here though. If a Hindu woman dies intestate, the control of her assets rests with her spouse & children. If the woman is childless, her assets move on entirely to her spouse. If her spouse too is deceased, her assets full ownership is passed onto the woman’s mother-in-law and after her to all the other legal heirs in the husband’s family. A woman’s biological parents or siblings are not entitled to her assets unless all the heirs in her husband’s family have passed away.
Handling the assets to the rightful heirs:
If the woman is a divorcee and has minor children, it is important to decide a guardian who can be entrusted with the full responsibility of the children in the event of an untimely demise. Not just single mothers, even for a widow, the guardianship of children should be an important matter. And if a woman doesn’t choose someone through her Will, it could mean that an unwanted person could end up becoming her child’s caretaker.
Further, her self-accumulated assets as a widow are likely to be handed over to husband’s family. The situation can be precarious if the relations have not been cordial and there has been no support or contact from the in-laws.
A Will is not just a tool for wealth distribution. It acts as a safety net that ensures the right people inherit the assets as per the wishes of the woman, the dependents are taken care of and legal disputes are avoided. Only a proper Will can override intestate succession, and hence it’s important for a woman to make one correctly. Your family will forever thank you for setting up a smooth inheritance through your Will.