MAKE YOUR WILL TODAY

MAKE YOUR WILL TODAY

·        A will is a legal document which states the manner in which the maker of the will, also called testator, wants his property to be distributed after his death and comes into effect only after he passes away.

A. TALKING ABOUT A WILL

·        Persuading a person to write a will is perhaps one of the toughest task in the world, as it involves two very personal and uncomfortable issues – money and death.

·        However, a will is needed to ensure that your wishes are fulfilled.

·        A will protects your assets from unscrupulous elements or troublesome relatives.

·        If the assets cannot be easily divided, involve the beneficiaries to avoid conflicts later.

B. BENEFITS OF A WILL

·        Making a will is the easiest and most common way of bequeathing your property.

·        However, you can also gift your assets during your lifetime, without actually selling them.

·        A will works well when you want to transfer your assets to a limited number of people.

·        The will can be revoked or modified any time, and comes into effect only after your death.

·        If there is no will, your estate is distributed in accordance with the law of succession.

·        There can then be conflicting claimants to the assets and the issue may have to be settled in a court based on the complicated provisions of personal law and succession laws.

C. LIMITATIONS OF A WILL

·        A will cannot override the natural succession of ancestral wealth.

·        A person cannot will away the entire inherited property the way he wants to.

·        He can pass on only his share to anybody he wants, but the remaining inherited property can be willed only to the legal heirs.

·        In case you want to bequeath certain assets to people other than the natural heirs, you would need to mention moral and legally enforceable reasons for doing so.

D. WILL-WRITING

·        Any adult of sound mind can distribute his movable and immovable assets by writing a will.

·        These assets can be inherited, received as a gift or self-acquired.

·        Movable assets can include cash, bank fixed deposits, post office schemes, life insurance policies, gold, shares, mutual funds, land leases, antique furniture, paintings, books and your vehicles, while immovable assets can include land and property.

·        There is no prescribed format for writing a will, and does not require a lawyer to frame it.

·        It can be in any language, hand-written or typed, even on a plain paper, and is a legal document as long as it is signed by you and is attested by at least two witnesses, who should sign in your presence, even if not together.

·        However, it should be legible, identify you as the testator, list out the assets and beneficiaries, and must communicate the intention and distribution clearly, to be legally enforceable.

·        If a person is old and frail, he should avoid writing it and get it typed to avoid disputes.

E. WHAT EVERY WILL SHOULD HAVE

·        Clearly state that you are making the will in sound mental health, and not under any undue influence.

·        Clearly mention the full name and addresses of the beneficiaries to whom you wish to pass on your wealth.

·        Whenever the bequest is in variance to the natural order of succession, specify the reasons for the change to reduce the possibility of disputes.

·        If the property is quantifiable, such as cash, mention it clearly.

·        Where it cannot be quantified, give a clear description of the property.

·        Put your signature on every page of the will and sign the last page twice to avoid forgery.

·        Put a thumb impression if you foresee disputes.

·        Your will should be signed by at least two witnesses, who should preferably be much younger than you so that they are alive when your will is being executed.

·        Signatures of witnesses should be in long hand with full name and address on the last page, and only their signatures in long hand repeated in every page.

·        The attesting witnesses or their spouses should not benefit from the will in any way.

·        Appoint an executor for your will for carrying out your directions mentioned in your will.

·        He should be a reliable person, and someone your heirs will be willing to listen to.

·        If you foresee any problems that may arise for your heirs, you could attach a doctor’s certificate verifying that you are in sound mental health while making the will.

·        Date your will, as only the last one is upheld, and make 2 copies and keep them safely.

·        Ideally, one of the witnesses should know where a copy of the will is kept.

·        If you have made wills in the past, clearly mention that they are now superseded.

·        Don’t change any part of the current will by crossing out lines or words.

·        Instead, make a fresh one for a major change, or add a codicil for a minor change.

·        You could destroy the existing will and make a new one or attach a codicil to the current will.

·        A codicil is a supplementary document that explains, modifies, updates or revokes a will.