A Will is a legal document that specifies how the person who writes it desires to divide his or her fortune and assets to his or her heirs. It is an important aspect of financial planning since it is a cost-effective way to distribute your money and assets among your family members while also ensuring that each person's requirements are addressed. The Will is only valid when the testator, the person who wrote it, has died.
A Will may also be used to convey instructions to your heirs concerning matters that are important to you. You could wish to leave some money to a charity, for example. However, unless you specify it in your Will, your family may be unaware of it.
Many property and land issues are the result of the lack of a Will. Many of these instances wind up in court, where they might take years to resolve. Many individuals are hesitant to make a Will, which might be one explanation for this.
What is the Best Way to Write a Will?
Making a will is not as complicated as many people believe.. It is recommended to get legal advice in order to avoid any potential gaps. It is not necessary for the Will to be typed; a handwritten Will is lawful. To prevent ambiguity, make sure the handwriting is clean and readable, and that it includes your signature.
Today, you may organise your Will document using internet tools. However, since it is only legitimate if you sign it, it is a good idea to preserve a physical copy and sign it. Consulting a professional is usually preferable for comprehensive guidance such as listing all of your assets with the correct appraisal, determining in what proportion to divide them among your heirs, and so on.
When writing your Will, keep the following items in mind:
1. Begin with a self-declaration, in which you state your name, address, and age at the time of writing, as well as the fact that you are writing of your own free will and without any duress or pressure from family members, attorneys, friends, or acquaintances.
2. Provide as much information about your assets as feasible. Liquid assets, such as stocks, bonds, mutual fund units, bank accounts, and cash, may lose value over time. As a result, rather of identifying them, it could be better to categorise them generically and highlight their importance at the time of writing.
3. For both moveable and immovable goods, such as jewellery and artefacts, be sure to provide as much information as possible. Keep all of your asset documents in a safe place (like a bank vault) and indicate that location in your Will.
4. Once you've compiled a list of all your assets, specify who you wish to give them to and in what amount or percentage. Make careful to provide your heirs' complete names (as they appear on passports or Aadhaar cards) and your connection with them. If any of the heirs is a minor, you must designate a caretaker until the heir reaches the age of majority.
5. If the document you're writing is complicated (many bequests to several persons and/or organisations), it's a good idea to choose an executor, who will be legally responsible for carrying out your desires. A close friend or someone you trust, such as your lawyer or accountant, might serve as executor. There are now professional companies that can create and execute your Will for a fee. You may want to think about one of these.
6. Every page of the Will must be signed by two independent witnesses (those who are not designated as beneficiaries or executors). At the bottom, write the date as well as the location.
7. While a Will written on plain paper is still legitimate if you follow the preceding procedures, you may want to consider registering it with the local sub-office registrar's to strengthen it. You won't have to pay stamp duties if you make a will, but you will have to pay registration costs.
8. Place the signed (and, presumably, registered) Will in an envelope. Seal the envelope, write the date on the flap, and sign it, so that if someone attempts to open it, it will be obvious. You may even ask the witnesses to sign the envelope, albeit it is not legally required. Your signature is the sole piece of evidence that can assist prove the Will's legitimacy if it isn't registered. As a result, take close care while signing your Will.
9. Make many copies of your will and keep them separate from the original. One copy might be kept with the executor.
10. You may amend your will at any moment, but only the most recent one is legally binding. If you want to be extra sure, proclaim at the outset of the new Will that it replaces all prior Wills. This may assist to avoid future misunderstandings and disputes.
If you die without a Will, your possessions will be divided among your heirs according to the Succession Laws of your faith.
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