Welcome my dear reader to this educative content.
While massing up assets is highly relevant, it is also important to see to it that they are passed off smoothly to surviving members of one’s family.
A Will per a lay man’s definition is a legal document written by an individual to bequeath one’s property, assets and liabilities to one’s offsprings or other persons after one’s death.
Not leaving a Will can be emotionally and financially consuming for the legal heirs or nominees of the individual after their death.
Here Is How to write a Will yourself
The main purpose of a Will is to leave instructions on how the writer’s assets are to be distributed after discharging the writer’s liabilities.
One who writes a Will is referred to as a testator. Will can easily be drafted easily from the comfort of your home but it becomes especially tricky if the same is contested in a court to be ambiguous.
Legal battles involving family members can be particularly taxing and a resolution sometimes takes decades.
Before beginning the process of drafting the Will, it is important to make a list of your assets and liabilities.
These should include all moveable assets such as cash, stocks, gold and immovable assets such as land, apartments, and lastly other things of sentimental value such as family heirlooms, jewellery etc.
Liabilities such as loans etc need to be deducted from overall assets. This will decrease the overall assets of the testator.
For moveable assets, it is better to factor an heir as a joint account holder or nominee to make the process of inheritance smoother.
In case of immovable assets such as land, it is better to leave them to a particular heir instead of jointly giving them to multiple nominees as it might create disputes between the inheritors. If it is not possible to leave it to one particular person, the testator can draft clear instructions explaining to heirs how they can divide the properties among themselves.
Please take note that a nomination for a house with a housing society only makes the nominee a trustee of the property after the owner’s demise and not the legal heir unless the nominee’s name is specified in the Will as the heir to that property.
Another relevant part of the Will drafting process is to identify one or more persons, who are close confidantes, to act as an executor of the Will.
This executor of Will is tasked with the collection of assets discharging liabilities from such assets and distributing the same as per the Will.
This individual should be younger than testator so that chances of the executor dying before the former are less.
2 unbiased non-partisan members who are not beneficiaries of the Will but can testify that they saw the testator executing the Will in from of them.
They may have to confirm that the testator had a sound mind and wrote the Will out of their free will.
These are called attesting witnesses and are usually doctors, lawyers and CAs selected for the task.
It is very important to include the name, addresses and telephone numbers of the witnesses so that heirs have no problem in tracing them.
Registration of The Will
It is not mandatory to register the Will but if the testator thinks that the heirs might challenge the Will then registration is good.
The testator may also make a recorded video of the Will where the testator reads out the Will before a camera. This makes the process very transparent for all and reduces the chance of any foul play.
Thank you very much for reading.