The idea that only the very wealthy need to create wills is untrue. The truth is that everyoneshould make a will in order to avoid making it harder for their successors to obtain what isproperly theirs. Any adult who wishes to divide their property may do so by writing a will or making one. The assets might be anything, including real estate, gold, investments, works of art and antiques, or even cold, hard cash stashed away at home.
A will, which is considered as a legal document, details your strategy for the succession and splitting of your assets and liabilities among the testator's family members, heirs, or anyone
else you choose to participate in your inheritance. Hence It elaborates on whether you wish to divide your assets among your heirs or instead give them to someone else. It is a cleardeclaration of your intentions.
Contrary to popular belief, it is not required to type it on a stamp-sized piece of paper or even to register it. A will that is written by you on simple paper will have the same legal standing as one that is produced by a lawyer. It just has to state who you are as the testator (or person
creating the will), what assets you have, and how you want them allocated to your
beneficiaries. The will must be signed by you and witnessed by two people in order to be valid, whether it is written out or typed.
Will & Its Type In India
The Indian sucession act divide the will into two parts
1. Privileged will :- These are usually a will which are made by those who work for
their country there work are considered to be a service to the nation There is no
particular or written format while making or drafting a will . These can be made either in a written or in an oral format . Section 66 describe the essential elements of the Privileged will .
2. Un-Privileged will :- Will that are of other types . Procedures like verification of
signatures, witnesses being present, and attesting to the document must adhere.
Section 63 defines un-privledged will
Tips on writing a Will There are many essential while Follow these points to ensure that your will is free of loopholes:
Personal details
The will should include the testator name, name of the immediate family member (spouse children or aliases in the society ) his date of birth and residential address in full. The date in which he is making a will is very crucial, especially if the latest will supersedes those made earlier. Mention the date in figures to rule out any fudging. After the Will draft has been completely written and reviewed, the Testator must provide his signature to ratify the Will. Sometimes, in addition to the Testator’s signature, multiple signatures of witnesses are also required to validate the Will.
Validate free will and Give a proper executor details
It helps to state upfront that you were not under any duress or influence while making the will. The witnesses must also attest same below. The executor of the will is the lynchpin. Mention his name, your relationship with him and his address to avoid misrepresentation.
Testamentary Intent
The Will draft should include all the necessary legal language It must have the title of 'Last Will And Testament Of (state your name here)' to make it clear that the document is your Will and legal which characterises the document as a Will and not confuse it with some other
Give details of assets of the properties
Most important or essential component of will is Asset and Properties . It may include personal belongings, money, real estate, business shares etc. Mention full address of the immovable property being willed. Give full details of bank accounts, deposits, lockers and insurance policies so that it can be passed to the benificary
Beneficiaries of the Will:
The beneficiary is the person to whom the Testator has bequeathed his assets or a part of them. Anyone who is mentioned in the Will is the beneficiary. He/she can be a family member, friend, business entity, charity organisation or even a trust fund. It is often recommended to include a contingent beneficiary in the Will in case the primary beneficiary
is not able to receive the benefits. A testator must be vigilant while naming beneficiaries who are not family members, e.g., a domestic partner. If their names are missing from the list of beneficiaries, they may not have the right to inherit the Testator’s assets legally since they are not the next of kin.
The ecutor(administrator) of the Will:
In a Will, the Testator mentions the name of the executor of the Will, who makes sure that the wish of the Testator is carried out if/when the need arises. Ideally, the executor chosen should
be a trusted person and also younger than the testator to reduce the chances of the executor dying before the testator.The executor is entitled to carry out the terms of the Will and manage pending affairs like inheritance taxes, bills, etc. If the name of the executor is not mentioned in the Will, the court will appoint an executor for it, or someone will have to volunteer to be the executor of the Will.
Adding a date ;Page number with signature in each Page You should make sure to sign and serial number each page of the Will. If possible, get your witness/s also to sign every page. This is to done to avoid any fraudulent practices such as substitution, replacement or insertion of a page/pages by individuals. Further, if there are any corrections to the Will, ensure you countersign it as well. However, If you need to make any major changes to your Will it's best that you create a new one.
Guardianship:
There are majorly two situations where a guardian has to be appointed in a Will:
If the Testator has bequeathed some assets or properties to children who are still minors, the Testator can name someone as a guardian of the assets who would take care of the assets until the children become of legal age A guardian can also be appointed to take care of an elderly person or a person with disabilities under the Testator’s responsibility.
In Case of No-valid will In India
In accordance with Section 30 of the Act, in the event of a person's intestate death and in the
absence of a will, their property will be allocated in accordance with their personal laws, such as the Hindu Succession Act, Muslim personal laws, etc. According to the Indian Succession
Act, the proceeds from the sale of property are distributed equally among the remaining legal heirs. If a person passes away intestate and leaves behind his wife, two sons, and two daughters, for example, the property will be divided evenly among the five remaining
relatives. Please take notice that it is wrong to believe that the spouse will automatically inherit the inheritance. It is crucial to remember that inheritance and succession rules can
differ between religions and are difficult.
Witness to the Will
The will maker must find two witnesses who are not beneficiaries of any of the estate's assets but are prepared to confirm that they witnessed the testator sign the will in front of them.
They could also need to attest to the fact that the testator was of sound mind and made the will voluntarily. Lawyers, physicians, and CAs are frequently selected to serve as these people, who are known as attesting witnesses..
Registration of the will
In India Registration of the will can be done either by Indian Sucession act of 1925 or by the registration act of 1908
1. The sucession act :- the registration of will is not mandatory but can be done
voluntarily by the testator or their legal heirs after the death of the testator.
2. The Registration Act: the registration of a will is a formal process of recording the
contents of the will in the books maintained by the Registrar or Sub-Registrar.
Is Registration of the will is Mandatory
A list of papers for which registration is not required is provided by the Registration Act of 1908. Wills are governed by section 18 of the Registration Act of 1908, clause (e). So, the decision to register a will is up to the testator and is not required. Usually, the testator must
go to the local sub-registrar's office to have his or her Will registered. The original Will is more trustworthy and reliable if the testator personally appears before a government official with it. A registered will offers compelling legal support for any arguments made against the
testator's mental ability to form a will, regardless of the cause (sickness, alcohol or drug use, etc.).
Challenging the will
Challenging a will involves a complete set of legal process
1. To challenge a will You must be an ‘Interested Person’ This means you are either a beneficiary under a previous will or are entitled to inherit property if the current will is declared invalid.
2. You will need evidence to support your claim that the will is invalid. This could
include witness statements, medical records, and other relevant documents.
3. It is highly recommended to hire a lawyer who has experience in estate law to guide you through the process.
4. Your lawyer will file a petition in court challenging the validity of the will.You will need to attend court hearings to present your evidence and arguments.
5. In some cases, it may be possible to negotiate a settlement with the other party to
avoid a lengthy court battle.
6. The court will make a decision based on the evidence presented and will either uphold the will or declare it invalid.
Conclusion
Thus to conclude a Will is the single point of reference to detail your wealth, and it captures how you wish to distribute your wealth . While drafting a Will, you should ensure that all the
essential components mentioned in this article are incorporated. After you have successfully drafted the Will with the proper signatures of the witnesses, store it in a safe place where your family members or friends can find it when the need arises. You can also appoint an attorney to act as a safe
keeper of the Will.