By Mr. Raghvendra Nath, Managing Director of Ladderup Wealth Management
Women have always been perceived as the weaker sex throughout history. Disenfranchised in society, subject to gender bias, and even marginalized at home, women have always been treated as second-class citizens in most places and most times.
Although much has changed due to increased awareness, the power of social media, the inclination to make laws gender-neutral or make existing laws gender-inclusive, there is still a long way to go to ensure that women do not feel neglected, to ensure that they feel safe, protected and to ensure that they are treated as a man.
Still, there are certain laws that are still biased against women, one of those laws is inheritance laws. Whether a woman is a working professional or a homemaker, it is important for her to know the succession laws that would apply to her.
In the event that a Hindu woman dies intestate, that is, without making a will, her legal heirs would be her husband and children. However, if neither of her husbands and their children are alive, all of her property, including property earned by herself, would pass to her husband’s legal heirs to the extent of the husband’s siblings, and only if the legal heirs of her husband do not survive. Only then would her assets go to her own parents.
Although the laws applicable to Hindu women are blatantly discriminatory, it is very unfortunate that we cannot do much about existing inheritance laws. However, the only way to avoid such a situation is the creation of a will by each woman.
A will ensures that your wishes are followed regarding the distribution of your hard-earned assets and that the wealth passes on smoothly and without complications.
While the best part about having a will is that you get to choose who will benefit from your assets after you pass away, it plays an even more important role in making sure your wealth doesn’t fall into undeserving hands.
For a mother, the welfare of a child is of paramount importance. If she is alive, a mother will go to great lengths and will go to any lengths to ensure that her child’s needs are met. However, a constant concern on the minds of all mothers, especially a single mother of a minor child, is who will care for her child in the event of her untimely death.
A guardian can be appointed by means of a will. A guardian is someone who would take care of the child’s needs by making sure that the child is taken care of even after her death. The will may also mention a set of instructions regarding the child’s daily needs, health, education, etc.
If that woman does not have a will, the court would have to appoint a guardian to care for the child, which may not be in line with her wishes.
Women have always been considered to be wise investors and with the increase in financial education and many government plans for the betterment of women, investments are no longer limited to just savings accounts or time deposits, and many women now prefer invest in a wide range. of assets
Therefore, for everyone in general, and for women in particular, a complete list of all investments made can be mentioned in the will, which will help prevent any leakage of assets and help the executor and beneficiary to track all the goods.
Women are no longer confined to the four walls of their home and with the drastic increase in the number of women as professional workers or as single mothers and sole breadwinners, it is even more crucial for them to have their own individual wills.
Every woman, whether she is a working professional or not, has a plan to achieve her goals during her life while caring for the well-being of her loved ones, but only a few choose a plan to protect her loved ones as well as others. your loved ones. her wealth when they are not around.
Being aware of probate laws is only half the battle, but having a well-drafted will assures a woman that the allocation of her hard-earned assets will be done according to her wishes and not according to laws that are patriarchal in nature. .
(Disclaimer: Any opinions/suggestions/advice expressed here in this article are solely those of investment experts. Zee Business suggests its readers consult with their investment advisors before making any financial decisions.)