Is it wise to consult your legal heirs while making your will? what buffett says

What did Warren Buffett say about making a will?

The value investor said in a TV interview, “If your children are reading your will for the first time after you die, it’s a mistake you won’t be able to fix.”

He further said that he would not sign the will until he shared the contents of the will with his 3 children and took their feedback. Now, my kids are in their 60s, added the ace investor.

In India, it is unusual for parents to explicitly state their final wishes to their children before they pass away. In Indian culture, pre-disclosure of the contents of a will may be considered disrespectful or disturbing.

According to tax and investment expert Balwant Jain, you should not disclose your plan to bequeath your various assets to your legal heirs, if the bequest is going to be unequal as it may disturb the harmonious atmosphere in the family.

“However, if you are planning for equitable distribution through a will, there is no harm in it,” says Jain.

Wills are often kept private in India

In India, wills are often kept private until the parents pass away. “The major goal of this strategy is to promote family unity and avert any disputes between family members. Arguments, disputes from anyone expecting to benefit from Wll be avoided,” said Vineet Khandare, CEO & Founder, MyFundBazaar. or the possibility of undue influence exists when the bequest is already shared.”

Instead, Indian parents often focus on teaching life skills to their children through informal discussions, anecdotes and personal experiences. Disclosure of the specific contents of wills is generally saved until after they have been passed. However, they can influence their children’s choices either subtly or indirectly by their choices, said Vineet Khandare.

How is a will made?

make a will If the property is small then this can be a simple process. You can also write it by hand. You can avail the services of a lawyer or prepare a Will online. Many banks, as well as other financial institutions, have tied up with law firms to help prepare a Will online. Whether you make a Will online or offline, some rules are common like for a Will to be valid, it must be signed by two witnesses.

Why is it necessary to prepare a will?

If a person dies without a will, the law of succession kicks in, which not only increases the scope for legal disputes but also increases the processing time for inheritance. Hence, money experts recommend preparing a will

It is important to remember that different Indian families, communities and regions may have diverse practices and customs. During the parents’ lifetimes, some families may decide to have an open discussion about the will, but others may choose to keep it a secret until the appropriate time.