A WILL is as simple as writing down what you want to do with your assets after death. However, for those who want to delve a little deeper, many legal terms are associated with it. Of course, one can always take a lawyer’s help to draft and register the will.
What Should a Will Contain?
Just so your will is valid, it is better to ensure certain aspects, even in a handwritten will. Let us see what they are:
Declaration– Anyone writing a will, should be of sound mind and do it on their own free will without coercion. Hence, it is better to start with a declaration stating your name and that you are writing it with your sound mind and consent. It is also better to mention the date and state this legal will, will be considered above any other for your asset settlement after your death.
Detail your assets– Make a detailed asset list and mention who should inherit each item. The asset list should include:
- Properties
- Bank accounts
- Fixed deposits
- Investments in shares and mutual funds
- Automobiles
- Gold and Silver items
- Any other valuable
- Digital assets if you have
Remember to mention your digital legacies like email accounts, subscriptions, royalties, cryptocurrencies, etc. Divide assets amongst people whom you want to. If you are allocating anything to minors, please appoint a custodian to oversee them till they turn adults. It is best to nominate a known and trusted person as the will executor to ensure the proper execution of the will.
Signature with witnesses– Sign the will with the date in the presence of two witnesses, and they should also countersign it. Specify the full name of the witnesses with their addresses to avoid any confusion. If the will has more than one page, please initial on every page to avoid conflicts about the page additions and removals.
Include own properties only– A will can not allocate any items not created/purchased and owned by you. For example, ancestral properties have specific rules to be followed.
You can make corrections to the will as desired later. However, every time you make corrections, ensure signatures and counter signatures with a date. Preferably, there should be at least two copies of the will, one to be stored with you and the other copy for safekeeping to avoid unwanted complications later. If you make significant changes to the original will, a codicil becomes effective. It explains the changes to the will content so that everyone is aware.
The post-death possibilities– The benefactors who are unsatisfied with their allocation can challenge the will in court. They may claim that you were not of sound mind when you made the will, that you did it under duress, or that it is not original, etc. Hence, ideally, it is best to make the will and keep the benefactors informed about the contents to avoid conflicts later. There are times when you may face the below scenarios:
- Disinheriting the legal heir
- Giving disproportionately to one beneficiary.
- Allocating items to someone who is not the legal heir.
It is better to mention the reasons to avoid any challenge later. If the will provides the required clarity and the people know the contents, then the post-death allocations will be smooth.
Some Terminologies
Here are some terms that can throw light on the will creation and post-death allocation process.
Intestate– This happens when a person dies without leaving a will, and the laws, as applicable based on the religion, come into effect. Please note that this differs for the various religions such as Hind male, Hindu female, Christians, Parsis, Muslims, and so on. For more clarity, it is best to consult a lawyer to understand what is applicable in your case.
Probate– This refers to the legal document your will executor will have to obtain to ensure the will gets executed as per its contents.
Testator/Executor– The person responsible for overseeing the execution of the will.
Beneficiary– People named in the will to receive any assets are called beneficiaries. People who are not related to you can also be beneficiaries.
Generally, creating a will is not a cumbersome process, if you just apply some thought using the tips mentioned above to ensure that it is valid.
In my coming blogs, I will write about ‘What happens if you do not make a will’.
Waiting for your feedback on this blog.
Anil Malik
Mumbai, India
7th March 2024