HOW DO YOU WRITE A WILL?
It is important to write a will that will list all your assets and liabilities and how they
are to be distributed among your near and dear ones after you. You should take
help of people who have the relevant qualifications to draft your will.
Most of you spend long hours planning your investments. But have you thought of
who will benefit from your assets after your demise? You are most probably
answering this question with - ‘Family, who else’. But have you legalized this ‘wish’?
Have you thought of writing a Will so that your loved ones will not have to run from
pillar to post to receive your assets?
A Will is a document which talks about how you wish to distribute your assets after
your death. It can be made by anyone above 21 years of age in India. There is
usually a misconception that a Will needs to be made only by the wealthy or only
during the later stage of your life. However, you should make a Will irrespective of
your portfolio’s size. The earlier you make a Will, the better. It should be one of the
first few things you do when you begin investing and building assets.
How can writing a Will help you and your family?
When you write a Will, you can decide who will get how much of your assets. You
can also decide when the beneficiary will get the inheritance. Having a registered
Will can help your family and loved ones receive your property after your death
without any legal hassle. The absence of a Will may result in court intervention to
distribute your property and several years may pass while the legal formalities are
being complied with.
How can you make a Will?
A Will can be hand-written or typed on a simple A4 paper (there is no need for
stamp paper). It is however better if your Will is hand-written, as it is easier to verify it
later in case of a dispute. It is not compulsory to register your Will. However, when
you register a Will before a Sub-Registrar, it will be a prima facie proof that it has
been duly executed, and challenging its veracity after your death will be difficult.
The registration can be done at the Registrar’s or Sub-Registrar’s office. You must
be present in person, and must be accompanied by two independent witnesses.
The Will must be signed by you and verified by these witnesses by signing and
giving their details. The witnesses should not be beneficiaries in the Will. You must
mention the date and place in the Will and seal the envelope. Keep it in a safe,
fireproof place.
Although it is not required by law, it is recommended to take the help of a trusted
lawyer before you write a will.
Here are a few things to keep in mind when you write a Will:
1. A Will must be dated. In case there is more than one Will, the one dated the
latest will supersede all other previous Wills.
2. You must state you full name and address in your Will, with the title of the Will
carrying your name. The Will should also have a declaration that you are
making the Will in your full senses and not by force from anyone.
3. You must name an Executor (one who executes the Will) in the Will, and if an
outside person is nominated for this purpose, you must ask his permission first.
The Executor is the one who will be responsible in distributing your assets as per
your Will and carry out the process after your death. Hence, he must be
someone trustworthy.
4. It is recommended that you write your Will in simple language, and clearly
specify the instructions. Do not write vague, unclear statements.
5. Your Will must contain details of all your assets (including the place of
storage/location of the asset) and their value. You must indicate the persons
who will get a share of these assets on your death and the proportion
distributable to each person. In case of transfer of assets to a minor, you must
mention the custodian’s details as well.
6. Your Will should talk about the disposal of all your assets-both movable and
immovable. Ideally, even household items, paintings and furniture should be
included, to avoid any confusion at a later stage. Assets, for which provision is
not made in the Will, will be considered intestate succession.
7. As and when the situation changes or you add or dispose assets, these
changes must be incorporated in your Will.
8. It is recommended to number the pages of the Will and also indicate the total
number of pages at the end of the Will. This is to avoid substitution or
replacement of pages of the original Will by anyone.
9. A Will is a document of your assets, and hence you are not obliged to disclose
its contents to anyone.
Remember, your Will becomes effective only after your death. Thus it is entirely up
to you to deal with your assets in any way you want in your lifetime. A Will is one of
the most important documents you create. It is therefore advisable to prepare this
with utmost care and take qualified professional help from a trusted advocate.
It is important to write a will that will list all your assets and liabilities and how they
are to be distributed among your near and dear ones after you. You should take
help of people who have the relevant qualifications to draft your will.
Most of you spend long hours planning your investments. But have you thought of
who will benefit from your assets after your demise? You are most probably
answering this question with - ‘Family, who else’. But have you legalized this ‘wish’?
Have you thought of writing a Will so that your loved ones will not have to run from
pillar to post to receive your assets?
A Will is a document which talks about how you wish to distribute your assets after
your death. It can be made by anyone above 21 years of age in India. There is
usually a misconception that a Will needs to be made only by the wealthy or only
during the later stage of your life. However, you should make a Will irrespective of
your portfolio’s size. The earlier you make a Will, the better. It should be one of the
first few things you do when you begin investing and building assets.
How can writing a Will help you and your family?
When you write a Will, you can decide who will get how much of your assets. You
can also decide when the beneficiary will get the inheritance. Having a registered
Will can help your family and loved ones receive your property after your death
without any legal hassle. The absence of a Will may result in court intervention to
distribute your property and several years may pass while the legal formalities are
being complied with.
How can you make a Will?
A Will can be hand-written or typed on a simple A4 paper (there is no need for
stamp paper). It is however better if your Will is hand-written, as it is easier to verify it
later in case of a dispute. It is not compulsory to register your Will. However, when
you register a Will before a Sub-Registrar, it will be a prima facie proof that it has
been duly executed, and challenging its veracity after your death will be difficult.
The registration can be done at the Registrar’s or Sub-Registrar’s office. You must
be present in person, and must be accompanied by two independent witnesses.
The Will must be signed by you and verified by these witnesses by signing and
giving their details. The witnesses should not be beneficiaries in the Will. You must
mention the date and place in the Will and seal the envelope. Keep it in a safe,
fireproof place.
Although it is not required by law, it is recommended to take the help of a trusted
lawyer before you write a will.
Here are a few things to keep in mind when you write a Will:
1. A Will must be dated. In case there is more than one Will, the one dated the
latest will supersede all other previous Wills.
2. You must state you full name and address in your Will, with the title of the Will
carrying your name. The Will should also have a declaration that you are
making the Will in your full senses and not by force from anyone.
3. You must name an Executor (one who executes the Will) in the Will, and if an
outside person is nominated for this purpose, you must ask his permission first.
The Executor is the one who will be responsible in distributing your assets as per
your Will and carry out the process after your death. Hence, he must be
someone trustworthy.
4. It is recommended that you write your Will in simple language, and clearly
specify the instructions. Do not write vague, unclear statements.
5. Your Will must contain details of all your assets (including the place of
storage/location of the asset) and their value. You must indicate the persons
who will get a share of these assets on your death and the proportion
distributable to each person. In case of transfer of assets to a minor, you must
mention the custodian’s details as well.
6. Your Will should talk about the disposal of all your assets-both movable and
immovable. Ideally, even household items, paintings and furniture should be
included, to avoid any confusion at a later stage. Assets, for which provision is
not made in the Will, will be considered intestate succession.
7. As and when the situation changes or you add or dispose assets, these
changes must be incorporated in your Will.
8. It is recommended to number the pages of the Will and also indicate the total
number of pages at the end of the Will. This is to avoid substitution or
replacement of pages of the original Will by anyone.
9. A Will is a document of your assets, and hence you are not obliged to disclose
its contents to anyone.
Remember, your Will becomes effective only after your death. Thus it is entirely up
to you to deal with your assets in any way you want in your lifetime. A Will is one of
the most important documents you create. It is therefore advisable to prepare this
with utmost care and take qualified professional help from a trusted advocate.
Happy Investing
Source:Gettingyourich.com
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