How to Write Your Will

Remember Parveen Babi; the gorgeous actor of yester years; died a tragic death and her so called relatives fought among themselves for who should get the claim of the dead body from the police to perform the last rites (and subsequently should get the property as well). Well the cremation did happen but the property matter is still pending in the court. The point I want to put across is; most of us have the same primary goal in our lives – to build wealth. But what will happen to this wealth in case you are not around to ensure it goes to your loved ones? All the hard work done by you in your life so far can be wiped clean in an instant, in case of your unfortunate demise if you have not left a will behind. There have been numerous instances of assets being seized by the Government or going into dispute for years, even decades, in the absence of a clear and binding will. This is where estate planning comes into the picture.

Estate planning in simple terms refers to the passing down of assets from one generation to another. Most of us are under the impression that estate planning is only for the very wealthy.  No it’s not. On the contrary the estate planning is essential for all; regardless the size of their portfolio; and it should be done from the very first day you have an asset to bequeath (for example – your very first investment into a mutual fund). This prevents the addition of financial and legal grief to the emotional grief your loved ones will already be facing in case of your absence.

Here are some advantages of estate planning:

Ø  You decide who receives what,

Ø  You decide how and when your beneficiaries will receive their inheritance,

Ø  You decide who will manage your estate in your absence and

Ø  Estate planning saves your family and loved ones from going through the additional burden of reverting to the law to distribute the assets to the legal heirs in case of an intestate (dying without a legal will) demise.

One of the most important points within estate planning is making a will. Your will must be legal and valid within India, and fortunately it is much easier to make a legal, valid will in India than in some other countries. 

Ten points to remember while writing a will:

1. You need to be at least 21 years old to write a will. Do use the title ‘Last Will and Testament Of (state your name here)’ to make it clear that the document is your will.

2. State your full name, current address, and state that you are of sound mental state and under   no duress from anyone to make the will. Also name an executor, a person who will carry through the tenets of the will. If you are nominating an outside person to be the executor of your will, you must ask his permission first. If you have minor children, you must also indicate a guardian for them in your absence.

3. Your will should be simple, precise and clear. Otherwise there may be problems for the legal heirs. It is always advisable to consult a trusted advocate when writing your will.

4. A will must always be dated. If more than one wills exist, then the one having the latest date will nullify all other wills.

5. It is better to make a will at a younger age. As and when events or changes in the family necessitate changes the will can be changed.

6. A will can be hand-written or typed out. No stamp paper is necessary. You can write a will on a simple A4 piece of paper, sign and date it with witnesses and keep it in a secure location. It is often recommended to write your will in your own handwriting as this can be verified later if there are any doubts raised by relatives.

7. Each page of the will should be serially numbered and signed by the Testator (that is you) and the Witnesses. This is to prevent the Will being substituted, replaced, or pages being inserted by people intending to commit fraud. At the end of the will you (the Testator) should indicate the total number of pages in the will. Corrections if any should be countersigned.

8. If there are too many changes in the will, it is better to prepare an entirely new will rather than making modifications to an old will.

9. It is not compulsory for one to register a will with the Registering Authority, but in case any property or asset is given to any charitable organization, then registration should be done.

10. A will becomes operative only after the demise of the person making the will i.e. the testator. There is no restriction in the way you can deal with any assets even after making a will.

Remember, this is one of the most important documents you will ever create – detailing the distribution of the wealth you have worked so hard to build – to your loved ones. It is important to ensure that it is done correctly –take qualified professional assistance as required from a trusted advocate, as with all your financial planning decisions. More on estate planning to follow soon. Till then keep reading. Stay Blessed!!