All You Want To Know About A Will

We all are mortal, and this is the harsh fact of life. You achieve so much in life through hard work and struggle. You save every penny of your income and buy a new house for yourself. You buy so many valuables – properties, cars, valuable jewels and more. But, what are you going to take with you when you are gone? Nothing! So, what is going to happen to all your assets after you are gone?

Know-About-A-Will
Know-About-A-Will

You may say that all your wealth and assets will be transferred to your spouse or children. But, how can you be so sure that your property will be equally divided amongst your own people? It will be the state you live in that will decide on who the recipients will be and how the property will be divided amongst them. But, it may be that you wished for something else. So, in order to transfer your properties among the people you want, in the manner you want, you need to prepare a ‘Will’.

What is a Will?

A Will is a legal document that you can write once you are above 21 years of age, representing how you want your assets to be distributed after you are gone. This is a way you can plan who your successors will be and what percentage of property will be transferred to each of them, which will save any kind of disputes at the time of property distribution. This is one of the most important documents you will ever write. Make sure that your Will complies with the State laws so that it is considered valid. It is better if you appoint a lawyer to help you out with this. Your Will may include every property you own – cash, properties, furniture, jewellery, vehicles, bank accounts, shares, etc.

How to write a Will?

In India, it isn’t necessary that you write your Will on a stamp paper; a plain white paper will do. But, it is advisable to write your Will in your own handwriting so that it can be verified after your death in case of any doubts raised by relatives.

In order to write a Will, you will need a Testator if you want someone else to write for you, an Executor who will ensure that all your property is responsibly distributed and two witnesses to justify your document.

First of all, you will need to declare at the very beginning that you are in your full senses while making this Will and are not doing so under any pressure. Mention all details about you to confirm the same.

You need to be very specific while writing which property will be given to which individual. Clearly state the complete names of the receivers and also of your residential and commercial properties, if they are multiple in numbers. If you are giving your assets to a minor, make sure to appoint a trustworthy custodian of your assets until he/she reaches an adult age. In case of any debts or taxes, you will be stating the name of an executor who will be responsible for paying them after you.

At the end of the Will, sign carefully in the presence of two witnesses. Also, mention clearly the date and place of writing the Will. The witnesses will also be signing the Will along with you. Seal the Will properly and bear your signature and date of sealing on the envelope.

Can a Will be changed?

A Will is a fluid document that can be changed as and when you require. There may be chances you want to add or remove the name of a recipient or update your Will after major life changes like marriage or divorce, buying more property or additions to your family. But, make sure that whenever you make any changes, you mention the date and confirm that this is your latest Will and all previous Wills should be nullified.

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