Making a Will and talking about it openly can be unnerving since it forces you to think about your own demise and/or the demise of a loved one, but this does not imply you should refrain from doing so. One of the most crucial things you can do for yourself and your family is to make a will.
Making a will should be your first financial decision because it is so important. You should make your Will today, not tomorrow or later, if your family is large and you want to give money to several family members.
For instance, the "Hindu Succession Law" (Government regulations on how wealth should be distributed among family members) will be used to distribute your assets in India if you pass away without leaving a will. It is a common misconception that the spouse automatically inherits the entire estate because children and perhaps even relatives may stake a claim to the assets.
Now, you may wonder if making a Will holds such weight, can you make it yourself? The answer to this is yes, as long as it complies with all legal criteria, it is permissible to create your own will in India.
However, if you are drafting your own will, you should bear the following recommendations and factors in mind:
- Age and Capacity: To make a will that is legally binding in India, you must be at least 18 years old and of sound mind.
- Written Language: Your will should be written in plain and unambiguous language so that your intentions are evident to everyone who reads it. Avoid using ambiguous terminology or terms
- Identifying yourself: Clearly stating who you are as the testator (the person writing the will) should be the first thing you do in your will. Give us your complete name, address, and any other identifying details.
- List Beneficiaries: Clearly state who will receive your assets, that is who will be your beneficiaries and what they will receive in a list of the beneficiaries.
- Name an Executor: In your will, you can name an executor who will be in charge of handling the administration of your estate following your passing. Ensure that the executor is prepared to assume this duty and has the capacity and capability to do so.
- Witnesses: Having at least two witnesses who are not beneficiaries or their spouses is required in India. When you sign your will, the witnesses should be present, and they should all sign the document to verify its legitimacy.
- Date and Signature: To show when your will was written, you have to add your signature and date at the conclusion. The two people you've designated as witnesses must witness your signing.
- Safe Storage: It's crucial to keep your will safe and easily accessible after you've written it. Let your executor and close relatives or friends know where your will is kept.
- Legal Advice: While it's not legally obliged to do so while writing your own will, speaking with an estate planning attorney can be helpful. They may make sure your will conforms with all legal requirements and offer advice on complicated issues.
Since you are not taking professional help while writing your own Will, it's also important to look out for certain seemingly small details that could have a big impact. These things are as follows-
- Pick your words very carefully and with extreme care. The basic principle is to infer the intention from the terms used in the will.
- When two clauses of a will conflict with one another or are incompatible, the latter clause takes precedence in Indian wills. Multiple provisions may be present in a will, and the last clause may conflict with the first. In such a case, the testator's final intention is carried out.
- Be explicit about your intentions. The position of the testator, his family relationship, the time when the will was drafted, whether or not the testator was taking his or her last breath, and many other similar surrounding circumstances are taken into consideration by the court when resolving a conflict. This is done when there is a dispute regarding how the language of the will should be interpreted.
Now, you may wonder how you can write a will that is valid under Law ?
While registration of a Will is not compulsory, it is advisable that a testator register his will in accordance with the Indian Registration Act since doing so dispels any questions about the will's validity. Simply registering the will eliminate any potential misunderstandings and obstacles.
Now that you’ve made your Will, where should your will be kept? Read More
