How to Write a Will
How to Write a Will
A will can be made by any person who is above 21 years of age in India. You can create the Will on plain paper in India. It’s not lawfully necessary to make the Will on stamp paper. It is suitable to write your WillWill in your own handwriting, as the same can be confirmed later in case of any doubts raised by relatives. It may happen that in accordance with your family structure and preferences, you desire to divide your wealth unequally or make a provision for a close acquaintance. This is not possible if you die without a will. The article studies the procedure and importance of making a will in India.
Why have a Will?
- A will is so significant that it should be your primary step in your financial life.
- If your family structure is varied, and you want to leave your wealth to different members of the family like you want to, you must prepare your Will today, not tomorrow, not later.
- If you die with no preparation of a Will in India, your wealth will subsequently be distributed as per ‘Hindu Succession Law.’
- A common mistaken belief is that all the estate is automatically passing to the spouse since children, and sometimes even relatives can make a claim to the property.
- Laws of inheritance and succession will vary in nature and are diverse in the case of Hindus and Muslims.
How to write a Will?
A will has a number of parts, which duly completed, can create a complete Will. Although there is no legal or defined format, there is a model, which has been generally used for ages.
Step 1- Declaration in the beginning: In the first paragraph, you have to announce that you are making this Will in your full senses and free from any kind of pressure. Mention your relevant name, address, age, and so on at the time of writing the Will so that it confirms that you really are, in your senses.
Details of Property
Step 2- Details of Property and Documents: The subsequent step is to provide a list of items and their current values, such as house, land, bank fixed deposits, postal investments, mutual funds, share certificates that you own. Also, specify where all these documents are stored by you. In all likelihood, these are in your bank safe deposit box. Even the Will must be stored in there! Make sure, and you mention the details from the bank manager related to the procedure and rules of releasing your Will from the safe deposit after the time of your death. Ensure you communicate it to the executor of the Will or to your family members
Details of Ownership
Step 3- Details of ownership: At the conclusion of the Will, mention who should own your assets items and in what proportion, after you have died. If you are giving your assets to a minor, ensure you appoint a custodian of your assets till the individual you have chosen, reaches adult age. This custodian clearly, has to be a trustworthy person.
Signing of Will
Step 4- Signing the Will: In the end, once you finish writing your Will, you must sign the will look very carefully in the presence of at least two independent witnesses, who must sign after your signature, thereby certifying that you have signed the Will in their presence. And clearly indicate the date and place at the bottom of the Will. Make sure that you and the witnesses sign all the pages of the Will. One significant point while choosing a witness is that they must be your friends, neighbours, or your colleagues and not the direct beneficiaries in the Will. They only officially state that you yourself have signed the Will in their presence and are not part of the process in making the Will in India. After the implementation of all the formalities, seal the envelope, and the seal must bear your signature and the date of sealing. The witnesses require to not signing on the seal of the envelope.