Live beyond your Lifetime through your WILL…

So, What is a “Will”?

A “Will” is the legal wish and declaration by yourself on how and to whom your assets/properties must be distributed after your death.

A Will is executed after the death of the testator (Writer of the Will, You). Only the last Will made before the death of testator is enforceable. Your last Wish can be documented in your last Will.

Who can write a Will?

In India, if you are an adult (above 21 years), you are entitled in law to dispose your property by writing a Will. A Will must be mandatorily signed by the testator (you), attested by at least two witnesses.

Even though you feel you are in your right senses 🙂 , a declaration mentioning that the Will is made under your good senses and free from any pressure is a must.

Applicable law: The Indian Succession Act, 1925 (Applies to every religion except Islam).

Why must you write a Will?

Life is uncertain, only death is certain. We have known this in the last year more than ever. In case of such an undesired incident, each one of us definitely wish that our immediate family, our loved ones are safeguarded. The assets or property or money hard-earned by us during our lifetime must be made available to them.

In India, people procrastinate writing a Will because they tend to think:

• That I’m not so old yet, there is still time to do it. But sometimes they never get that chance. Age has nothing to do with planning Will. Well, in that case, 70 or 80 is young too 🙂  Better be late than never.
• So emotional about the family that, we think there won’t be any disagreements amongst the family members on distribution of wealth. Really?! Which again could turn out to be wrong.
• Thought that one is not rich enough. Assets, small or big, are your hard-earned and must devolve to your loved ones, which becomes their support when you are not around.

Here are few significant points to remember while you are writing a Will:

• You can write a Will in any specified format or language you are comfortable with.
• Also a handwritten or printed Will… both are valid.

• You can change the Will any number of times, review it once every 2-4 years, redraft it whenever there is a major change like addition of properties or changing the beneficiaries or executor (who shall carry out all the proceedings of the Will) or change in your marital status or on addition of a child.
• Know that, you can withdraw or cancel your Will anytime during your lifetime.

• Do not scribble or rewrite on the executed will, if there are minor changes you can get a codicil made.

• Do not gift your property to your children in a hurry, which might create a dependency. A Will, will do that later.
• It is a common misconception that if you have made nomination on all financial products you bought, it will be passed to them legally. Although nomination is important, a nominee is a mere custodian and not an ultimate owner. A Will supersedes nomination in all asset classes, except equity shares and company bonds.

• If you hold joint assets with your spouse, your death doesn’t make her/him the sole owner of the assets automatically. Instead your share will devolve to your surviving class-1 legal heirs. Surviving spouse, children and mother will have equal right on your share in that asset.

• Sign the Will in the presence of at least two witnesses. Do not send a signed Will via courier to your witness to sign as it can be termed void. You need not disclose the contents of the will to the witness.
• Also note that the beneficiary can’t be the witness: If the beneficiary and the witness are the same, then the beneficiary’s share may be termed void.
• Preferably, select an executor who is younger in age than you.

• Though not mandatory, it is advisable to register your will, which will make it strong enough to be not challenged in court later. Sub-registrar certifies it. Otherwise a Will can be notarized too.
• A registered will can’t be tampered with or stolen. So you can really be at peace, while you Rest in Peace 🙂

• Execute the power of attorney in favour of a trust worthy person. This helps in case of incapacitation.
• Inform your loved ones, you have made a will, even though you do not disclose its contents. Without which, they may be unaware of your complete savings, investments or assets.
• Take help from professional advisors if needed.

How to write a Will in India?

• Declaration: In the beginning, it is very important to self-declare that you are writing this Will in your full senses and not under any kind of pressure. Mention you name, age, address, details of parents, spouse, children and any related personal information clearly.

• Property details and Documents: List the assets, properties, their addresses, current prices, details of financial products like Bank fixed deposits, post office schemes, insurance policies, mutual funds, stocks or share certificates if any. Also indicate where these documents are saved.
• If there are jewelry, documents and even the Will is saved in the bank safe deposit box, speak to the bank about procedure and make sure the executor or your family members know this.

• Details of Beneficiaries: Clear details of assets/properties you own, the beneficiaries and the executor, their addresses, guardian details if there are minor children must be mentioned.
• Every asset must have the share of each beneficiary across it.

• Marks: The date on which the Will is written, your signature and mark and attestation by at least two witnesses are must.
• Residue clause: Any pending debts and taxes of the testator should be paid first. The remaining assets (called the residue estate) will be divided as per the residue clause provided in the Will.

The security, safety and protection of our loved ones is our paramount priority.

A Will is so important that it should be your first step in your financial life. Laws of inheritance and succession are complicated and diverse in our country. To assure that your wealth will belong to the rightful heirs, write your Will today, not tomorrow, Better now than later.

BONUS

Here a simple and valid Format of a Will in India:

WILL OF SHRI…….., S/O or D/O SHRI………..

I, Shri/Smt ………………….. son/daughter/wife of Shri ……………..,resident of …………………., by religion………….., do hereby revoke all my previous Wills (or) Codicils and declare that this is my last Will, which I make on this …….(Date)………………… My Date of Birth is………….

I declare that I am in good health and possess a sound mind. This Will is made by me without any persuasion or coercion and out of my own independent decision only.

I appoint Shri………………….. Son/daughter of ……………, resident of …………. to be the executor of this Will. In the even Shri…………… were to predecease me, then Shri……………., will be the executor of this Will.

I bequeath the following assets to my Wife Smt……………..

1. My house located at………(address)………

2. Bank balance of my savings account no…………………..with ……………(bank name & bank address)………

3. My Bank fixed deposits in …….(bank name)…..bearing ……..(FD receipt nos)……..

4. The proceeds of my Term insurance policy ….(Policy no)……, from…….(insurance company name)………

5. The contents of bank locker no………, with bank…………, bank address……………

I bequeath the following assets to my son Shri……………

1. Residential Plot no…….., located at…………….

2. My car with registration no……….

3. My mutual fund investments with folio numbers…………………..

4. Any other asset not mentioned in this Will but of which I am the owner.

All the above assets are owned by me. No one else has rights on these properties.

  Signature of Testator

(Full name….)

Date:              Place:

Witnesses

We hereby attest that this Will has been signed by Shri………….as his last Will at ………(Place)……… in the joint presence of himself and us. The testator is in sound mind and made this Will without any coercion.

Signature of Witness (1)                              

 (Name & Address)  

Signature of Witness (2)

 (Name & Address)