Question: “I am not writing my Will because the default distribution under Intestate Succession Act serves my needs. Moreover, I hold my assets as joint account with my wife.” – A married individual with young children.
The distribution in Intestate Succession Act (ISA) contains numerous issues of which a Will can solve it. The ISA only take cares of how your assets are distributed into percentages. For example if you have a wife and 3 children, 50% goes to wife and remaining to children in equal shares. For joint ownership, not all assets permits joint ownership. The issues under the default arrangements are:
Some of your assets have no market value. It may not be possible to distribute it without a market value. Take for example, jewelleries may not have little or no market value. Since it is not practical to have any ‘joint-ownership’ over them, it will …