Why Do You Need To Write A ‘Will’ Timely?

Fri, 14 Jan 2022 11:33:44 +0000

The Buyt Desk

A will is a legal document that states the wishes of the living person regarding wealth distribution after his/her death. It ensures the peaceful transfer of assets/property to the rightful heirs. If the owner of the property dies without preparing a will then his/her wish of distribution of wealth will be directionless. A well-drafted will with a clear distribution plan of wealth saves the family from disagreement and any legal hassles. Inheritance related rifts sometimes lead to long legal battles. If there are multiple family members and extended family or someone who you adore and want him/her to have a part of your wealth after you then it is advisable that you have a will in place. At times people have responsibility for minor family members. A will is important to outline your wishes regarding all the responsibilities and not just wealth distribution.

An Introduction To Will

A will is an official document describing all the wishes of an individual for the smooth distribution of his accumulated assets among loved ones and family members after him/her. It is also a mandatory document for the legal transfer of wealth after the death of an individual. Furthermore, it is also an acceptable document for asset distribution in India and globally.

Anyone can prepare a will, but the prerequisite is that it must be signed in the presence of two witnesses. A close confidante or a trusted friend could be on witness and many a time people keep a doctor as the second witness to reflect that the person was healthy and had a sound presence of mind while writing his/her will. Furthermore, an individual can change his/her will any number of times. However, once signed latest in the presence of two witnesses is regarded as final, rest are considered null and void in the eye of the law.

Why Is It Considered As An Important Part Of Financial Planning?

A preplanned will is very important because-

A Will ensures the distribution of wealth equally among the heirs.
It bypasses the intervention of any other individual, court and other body in the distribution of assets after an individual’s death.
It averts unnecessary delays and chaos in the distribution of wealth.
A separate will be needed for joint holders depending on the asset holding ratio. A formal will fulfils this requirement as well.

How Can You Prepare Your Will?

It is not difficult to prepare a will. One can make it by himself/herself by simply writing/typing it on a paper. If you want to you can seek the help of a legal professional or advisor’s assistance. Their invention will not let individuals preparing the will miss any valid point that can become a ground of dispute in the future. Nowadays many websites are also helping people with writing services.

How To Create A Will?

You can type or handwrite a will. It should specify personal details, such as family details, personal details, details of the property, bequeathed details, along with the details of both witnesses.
The will creator must give details like while creating the will he/she is mentally fit and writing it in the absence of fear, influence, force and coercion.
Signature of two witnesses wherever required.

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How To Make A Will?

Wed, 09 Jun 2021 06:19:36 +0000

The Buyt Desk

You may not have thought of making a will. However, the fact is that creating a will is necessary. After your demise, the family can easily take care of your assets if you constructed a will beforehand. Having a will is quite useful for people who are financially dependent on you. A will fulfils your desire for succession among the heirs. Without a will, your assets will be divided among the heirs as per the law. Moreover, the inheritance tax on the assets is lower provided a will exists. In current times, you can even create an online will.

What is a will?

A will is a legal document that defines how your properties, investments, and assets will be distributed among the heirs, after death. Indian Succession Act, 1925 governs the preparation of a will. It applies to all citizens except Muslims. According to Section 59 of the Act, anyone who is older than 18 years and possesses a sound mind can write a will. You should fulfil every legal requirement to ensure the validity of the will. A will is valid if:

It contains the name, date of birth, father’s name, and address of the person creating it (testator).
It clearly elaborates the intention of the testator. The whole document and not only a few clauses should reveal the intention of the testator.
It talks about only the property/assets owned by the testator. He cannot distribute an ancestral property or property having joint ownership with other family members.
It contains complete details of all the assets to be distributed. For instance, the description, date of registration, address, and property registration number.
It has complete details of the beneficiaries like name, age, address, and relationship with the testator. Also, if the asset is given to a minor, then the will should contain details of the guardian who will manage the asset for the minor.
It appoints an executor who will execute the will after the death of the testator. The will should mention complete details of the executor such as name, age, address, and relationship with the testator.
It bears the date of preparation and the testator’s signature at the end.
Two witnesses attest it.

What is the format of a will?

There is no defined format for a will. The document may be handwritten or typed. A handwritten will is more valuable as it is difficult to refute. When constructing a will, avoid using jargon or complex language for ease of understanding. You may follow the below sequence while writing a will.

First, declare that you possess a sound mind. Begin by writing your details and the details of the executor.
Write the list of all your assets to be distributed starting from owned properties to the sum in the savings account.
Clearly state which beneficiary will receive or manage which asset.
At the end of the document, mention the date of preparing the will and sign it. Two witnesses should ascertain that you signed the will. The will should also contain the personal details of the witnesses like the name, address, and signature. Every page of the will should have the signatures of the testator and the witnesses.

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