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Write a will to ensure assets are not misused
The case of one family struck by money problems in India has highlighted the importance of writing a will.
According to the Business Standard in the country, the wife and children of Deepak Sharma were left unable to access or unaware of various assets the businessman had until years after his death.
Amar Pandit, financial expert for the newspaper, claimed that this case is not isolated both in and outside of India and encouraged those with wealth and estates to make sure their family will be taken care of.
"It is very important to update the will every few years," Mr Pandit advised.
"There could be a lot of changes right from the size and type of assets that you hold to the beneficiaries. Death of an executor and/or beneficiary will necessitate a major change in the will."
Expert Doreen Smith recently wrote for Kelowna Capital News that writing a will is a loving gesture to make for your family, adding that failing to prepare one can have serious consequences.
Posted by Christopher Evans
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Published on: April 22, 2010