WILL
WHAT IS WILL ?
Life is all about planning for the uncertain future. And one of the most significant uncertainties is death. This is why, if you have property and assets, it makes sense to plan the management and distribution of these after your demise. That is where a will becomes essential.
A will is a legally binding document that ensures your wishes or intentions regarding your property or assets are carried out accurately when you are no longer around. As long as you are not a minor and have a sound mind, you can prepare a will, as per the Indian Succession Act 1925. A will can be either written by hand or typewritten, but the former is more convincing if such a situation arises. Having multiple legal heirs without a will can lead to many complications and doubts.
Who Makes A Will ?
Any individual who is a major with stable mental health can create a will. A will attained under the influence or force is not considered valid—only wills created by the testator's free will. Individuals can make a will at any time during their lifetime, given they are a major. Other than this, there is no restriction on age and the number of times a person can make a will.
Why Make A Will ?
Any individual owning property must create a will. The purpose of a will is to give the property owner control over its distribution. With a will, the transfer of property in the name of the people the testator provides becomes easier. In case the testator has children who are minors, he or she can mention a name for the children's care in the will. Property success is a common conflict among family members or relatives of a dead person. With a will, such conflicts can be avoided. The testator can also donate their property to charity if they wish.
How To Write A Will ?
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Start by declaring the soundness of your mind, as no will can be legally binding otherwise. Mention who you want to be your executor and state that any previous codicils and wills are revoked.
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List all your assets, including properties, mutual funds, money in your savings accounts, fixed deposits, etc. Double-check to make sure you don't miss anything.
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Next, transparently divide your assets, stating who will inherit what. To eliminate doubt, go item-wise if you are leaving something to a minor, mention who will be the custodian. Choose someone you trust.
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After all the above are taken care of, sign the will with two witnesses. They, too, will need to sign to certify that you have signed the will in their presence.
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Put the date and place of signing on the will and the complete addresses and names of your witnesses. Your witnesses don't necessarily need to read the contents of your will.
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Make sure you and your witnesses sign every page of the will. If you make any will correction, you and your witnesses must countersign the same
What Are The Sections Of A Will ?
A will format contains the following essential sections ―
- The testator's name, father's name, home address, date of birth, etc.
- Clearly mentioning the will preparation date is vital.
- When creating a will, you can mention that you are making this by free will and not under the influence or pressure of any person.
- A will requires an executor who implements it. Therefore, you must mention the executor's name, address, relationship with the executor, age, etc.
- The most critical section of the will is the list of immovable assets or properties with their addresses. Then mention all the movable assets such as insurance, bank deposits, mutual funds, etc. Don't forget to mention each asset's beneficiary (ies) name.
- Signing the will after mentioning all the details mentioned above is necessary.
- Your will should also be signed by at least two witnesses. Ensure that you mention your witnesses' fathers' names and addresses. Remember to store the will safely. If you make copies, avoid keeping them in the same place as the original. Also, note that you can write the will in any language, and there's no need to use technical terms or jargon. However, the language should be crystal clear so there is no doubt about your intent. No stamp duty is necessary for the execution of a will. Remember that you can change or revoke a will by executing a new one. However, if you are a Christian or Parsi, your will stand automatically revoked on your marriage. This does not apply to Buddhists, Jains, Sikhs and Hindus.
Vital Terminology Associated with a Will
Go through these terms to understand what a will mainly entail
Testator
The individual who is making the will.
Executor
A legal representative of the testator who carries out the wishes outlined in the will post the testator's demise.
Codicil
A part of the will and an instrument that explains, changes or adds to the will's dispositions.
Beneficiary
The individual who receives the inheritance under the terms of the will.
Probate
The will's copy, certified and sealed by a competent court of law.
Administrator
Someone who divides the assets of the deceased if there is no will.
Intestate
When a person dies without a valid will, their estate is distributed according to the laws of intestacy.
Guardian
A person appointed to care for minor children or dependents named in the will.
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