Importance of having a will

By BMM 2022
Illinois Event

Importance of having a will

When
Which State?

Illinois

Speaker

Dr. Prabhakar Joshi

A Will is Necessary for everyone although a person does not have property.

  • Introduction and the meaning:

    A valid will is the cornerstone of a well-planned estate

  • Purpose:

    No Maharashtrian should lose money/property for not having a Will

  • Misconceptions:

    a. A will is to be written at far end of life
    b. Writing a will is a complicated process and so we will do it later
    c. A will cannot be changed A will is not needed because I do not have much property, etc.

  • Why a will is necessary:

    Accidents; Premature Deaths; Incapacity

  • Problems that are not known:

    Joint tenancy; frozen bank accounts; safe deposit boxes can be sealed; state laws differ; probate court will take much longer and will take away large portions of property; exclusions by probate courts

  • A Will and its formalities:

    Age; witnesses; signatures; filing

  • Alternatives:

    Buy and sell agreements; a living trust; life insurance; joint tenancy

  • A simple Will:

    Copies will be available

  • An option in a Will:

    Pleasure of giving through a will to entities such as BMM, etc.

  • Proposer:

    Dr. Prabhakar G. Joshi
    Dr. Joshi is a retired professor, is a life member of VHPA and has established endowments with VHPA, Chinmaya Mission in USA and in India. The purpose is to give awards for excellence. He earned BMM award during the last convention,

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