A basic will may not always protect your family. A conditional will can help.
Subscribe to enjoy similar stories. These scenarios are fictitious, but entirely possible since life often throws unexpected curveballs when we least expect them. Even with the best intentions, a simple will can become useless if things don’t go as planned.
That’s where a conditional will—one that lets you define how, when and under what circumstances your wealth is passed on—can make all the difference. Families are increasingly using such wills to ensure their plans hold firm even when life takes an expected turn. As the same suggests, a conditional or contingent will takes effect only when specific conditions are met.
If the condition isn't fulfilled, the will becomes invalid. Rajat Dutta, founder of Inheritance Needs Services, explains that such a will allows the testator—the person drafting the will—to anticipate potential changes in family dynamics. “They can include conditions either as precedent or subsequent to the bequest.
In some cases, the inheritance may be tied to the beneficiary achieving certain milestones," Dutta said. Also read: How to create a foolproof will to ensure a smooth inheritance For instance, a parent can stipulate that a child inherits the family business only after completing their management studies. If the child fails to do so, they forfeit the business.
Similarly, a father might condition his son’s inheritance on getting married. However, these conditions must be reasonable and lawful. “The terms in the will must be practical and not overly burdensome.
Read more on livemint.com
