A will allows you to communicate how your assets are to be distributed among those close to you after your death.
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What is a Will?
A will allows you to communicate how your assets are to be distributed among those close to you after your death. This document ensures that your belongings do not devolve as per the laws of inheritance (which vary for each major religion) but as per your wishes. Its creation is frequently postponed, but it's a good practice to have one in place and then keep updating it when necessary. All such a document needs to contain is a declaration that it is being made free from any pressure, the details of your property and who will inherit it. It need not be registered, but it is suggested that you do so at the office of the sub-registrar.
Advantages of a Profit Sharing Agreement
A will brings in order with regard to how your assets will be handled after your death. At such a difficult time for your loved ones, this would significantly alleviate their burden.
In case of an intestate death (without a will), your assets would devolve as per the laws of inheritance, which may not be as per your wishes. A will is where you can state exactly how you want your assets to devolve.