When your spouse is not aware of all your assets

When your spouse is not aware of all your assets

A client of ours works as head of Sales in a Multinational company. He travels almost 15 days in a month. His personal finances were in a disarray and his wife had no clue of where all they had invested. Every time our client used to take a flight, the thought that the plane may not land this time, used to cross his mind. He used to dread the challenges that his wife would face in such an eventuality. Ladderup Trustees helped him draft a Will, where all his assets, bank accounts, lockers, flats etc. are listed. Now the awareness that his wife and children will take over the assets smoothly has given him immense peace of mind.

Though a Will has many advantages, consolidation of assets is one of the most important benefit amongst others. Many a times, we are so busy in our daily lives that we forget to track our investments viz. mutual funds, fixed deposits, and many others. Sometimes, we forget to share all the details with our spouse and even if we do, we are not sure if our spouse would remember the same when the time comes. You can do an experiment by asking your spouse about your insurance policy details or bank account or other investment details. In majority of cases, the spouse either has no clue about the existence of any such investment or doesn’t remember the details and doesn’t even know about the location of the relevant papers. All such issue are taken care of in a Will as it is recommended to incorporate details of all assets in the Will.Thus, if you think that your spouse is not aware of all your assets, it becomes extremely critical to create a Will to ensure a smooth transition of your assets after your demise.

Hence, it is our duty to make sure that when we are no more and our loved ones are already mourning the loss, at least they are saved from the trouble of tracing our assets, segregating them, assessing the distribution method and identifying the beneficiaries as per the relevant Succession Laws.A Will ensures that all the assets are listed properly so as to avoid leakage of any assets and to save our loved ones from the hassle they may experience in getting control of the assets.