Why Will & Nominations are
important in ones life
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Given that a
lot of Indians are sitting on significant wealth, especially from stocks and
real estate, proper Will and Nominations are a must. Sucheta Dalal tells you
all that you need to know about this vital but ignored area of personal
Inheritance battles seem the norm for the rich and the famous, whether or
not there is a Will involved. For want of a Will, Dhirubhai Ambaniís sons
fought one of the bloodiest succession battles, although his fortune was
vast enough to provide for several generations of Ambanis.
On the other hand, Priyamvada Birla, the lady who shot to fame after her
death, made a Will. But the fact that the widow of industrialist MP Birla
stunningly bequeathed a Rs 5,000-crore estate to RS Lodha (also deceased
now), a financial advisor and auditor to the entire Birla group, set the cat
among the Birla pigeons. The angry clan ganged up to contest the Will, even
though the group had previously partitioned their assets.
DH Ambani did not make a Will and it created a problem. Priyamvada Birla
made a Will and it still created a problem. But, by and large, a
well-drafted, properly-executed Will ensures that your wishes are honoured,
sometimes after a bitter battle among your heirs, various claimants to your
estate and some tweaking by the court.
Wills of the rich and the famous almost inevitably land in court but thatís
because they have money to spend. For us, it is a good idea to create a
document which spells out what you wish, rather than have your estate
distributed under various laws of inheritance. If you do it well, it wonít
be easily contested. How should you go about it?
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