Corona Daily 300: Will-o-phobia

If you own property or money, however little; have a spouse or children, and haven’t made a will, you are either irresponsible or immortal.

I have met a few super-rich Indians, in their fifties or sixties, who can’t bring themselves to write a will. Making a will requires a certain degree of imagination, creation of morbid scenarios. During one Christmas vacation, my family including my parents and brother, was due to fly together- there and back. I suddenly realized the possibility of all the beneficiaries in my will perishing together. With all of us gone, it shouldn’t really matter what happens next. But I can’t leave the world with loose ends. I hurriedly wrote a new will, explained the instructions to my friend whom I have appointed as the executor. The state confiscating property for lack of a will is distasteful.

Making a will actually serves several functions. One is to declutter your assets. Before making your will, you may be tempted to close five out of ten bank accounts. Indian banks traditionally issue fixed deposit receipts. These are mere pieces of paper. Indians routinely misplace or lose them. Unless they were mentioned in a will, children might never know of their existence.

A will ensures completeness. It tells others what you have, and therefore what you don’t have. I have lived in Russia, Poland and England. I have no property in any of these countries. Without a will, my successors would have a lingering hope of finding (and inheriting) something in those places. A well-made will gives an all-round picture of what a person has. It may include valuable stuff like money or jewellery, but also intellectual property. My unpublished books or my wife’s unsold paintings can figure in the will. Who knows they may be worth millions posthumously.

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Many myths surround will-making. You don’t require a lawyer. You can even handwrite it. In most countries, you need to sign in the presence of two witnesses. Registering or notarising can help, but is not essential.

In any case, a will is unproven. Because the person who has signed it is dead, it could have been forged. That is where the probate process comes in play. Probate is the proving of a will (in a court). The two witnesses who signed your will become important. They confirm you were of a sound mind, and signed the will in their presence. It is better to select witnesses younger than you, and of some standing. Usually probate (proving of a will) is needed only if there is a dispute, or if bureaucracy demands it.

Without a will, intestacy (death without a will) laws apply. Your estate will be distributed as the state specifies, and not as you would have wished.

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A marriage automatically makes a will null and void. You must write a fresh will after marrying. On the other hand, divorce doesn’t. In the USA and some European countries, it is assumed that your divorced husband/wife is dead (although alive). Otherwise, the will remains valid. This can have unpredictable consequences. For example, in a living will (which I will explain tomorrow) a hospital may demand calling your ex-wife to decide whether to pull the plug when you are in a coma. Because on the form she was the one authorized to take those decisions, and you forgot to fill a new form after the divorce. A good practical way out is to write a fresh will after divorce as well.

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In the last six months, there is a rise in estate planning, and will-making. CNBC reported a large number of 18-34 making a will because of covid-19.

Making a will has no relation to your life expectancy. If you love your family, or anybody else, a will saves them from bureaucratic harassment.

Ravi