What is a Will?
An individual’s Will specifies how his assets will be distributed after his death in a legal document. The document takes effect after a person passes away, and it allows you to make informed decisions about how your wealth, property, and assets will be divided upon your death.
Wills are legal documents, but there is no standard format since they can be written or typed on any paper, not just stamp paper. The owner of a Will can change or cancel it at any time before death.
Since many of us consider discussing “Making a Will” morbid, we don’t approach it with the right mindset.
In its article, we will help you clear up all your doubts regarding a Will.
Why making a Will is Important?
Making a will should be the first thing you do with your money. You should write your WILL today, not tomorrow or later, if your family structure is complex, and you wish to leave money to different family members.
In India, for example, without a Will, your assets will be distributed in accordance with the Hindu Succession Law (the rules governing how wealth should be divided among family members). As children and occasionally even relatives may claim property, it is a common misconception that the entire estate automatically passes to the spouse.
In a will, what types of properties can be included?
It is possible to include all your movable and immovable properties in your will.
A detailed list of assets and property that you can include in your will can be found here:
- Real estate, land, and buildings are examples of property
- Money in a checking account, savings account, and money market account.
- Intellectual property, royalties, patents, and copyrights, as well as intangible personal property such as stocks, bonds, and business ownership.
- A valuable object, such as a car, artwork, jewelry, or furniture, that is unproductive.
- You can also include assets that are not specifically left to anyone in your Will, known as your “residuary estate.” If you do, you can name a “residuary beneficiary” who will inherit the remaining assets.
You cannot include the following properties in your will:
- When a property is held in joint tenancy (owned equally by two parties), such as a house you own with your spouse, the property automatically transfers to the surviving owner.
- Beneficiaries clearly identified in trusts, retirement plans, or insurance policies
- Stocks or bonds that are set to be transferred upon death to another party (property for which a beneficiary has already been named)
Is it possible to include your ancestral property in the will?
An ancestral property is a piece of land that has been handed down from the previous generations (your grandfathers and fathers) to the new generation (you) without being divided.
It is only possible to include ancestral property in a Will if the assets are in the person’s name. According to Hindu succession laws, assets that are in your name can be passed to anyone you want through your will. Otherwise, they will pass to your heirs.
What is the best way to make a will that is legally compliant?
In order to execute a will, the testator must sign in the presence of two witnesses and their signatures must also be witnessed.
To make a valid Will, you only need two witnesses to sign the document and sign it by the testator.
Is registering a will mandatory?
Registering a Will is not necessary!
You are not required to register a will by law! A will that is not registered is also valid!
However, we recommend that you have your Will registered so that it can easily be accepted by the court in case of a dispute.
Second, if you lose or destroy your will, you can get a copy from the registrar’s office.
According to Section 18 of the Registration Act, 1908, registration is optional. It is still advisable to register a WILL since it cannot be tampered with, mutilated, destroyed, or stolen.
What is the cost of registering a will?
When you use us for drafting a will, you can save 10,000-15,000 in lawyer’s fees, but you do not have to pay stamp duty on the registration. Depending on your state, you may need to pay a registration fee.
Is it possible to change your will after registering?
Any testator can change his Will at any time and in any manner he chooses. Anyone who is of sound mind and not a minor can make a Will. A Will cannot be enforced if the maker is of unsound mind when making it.
There is no limit to how many times a testator can make a Will. Only the last Will he made before his death is enforceable.
What is the best place to keep your will?
Your will can be kept wherever you feel it is safe.
In your home: You may be able to use a fireproof and waterproof metal box or home safe. If you choose this place, be sure your executor knows where your will is and that they will be able to access it after you die. Make sure your executor knows how to open the box or safe if it has a lock or combination.
The Executor: It’s a good idea to give your executor the original copy of your will, provided he or she has a safe place to store it. In this case, make sure your executor is someone you can trust, as you may need access to your will in the future if you want to amend it.
When is the best time to write a will?
A Will can be made by anyone who is of legal age (21 years old) and of sound mind.
You should have a Will as soon as you own a property you wish to distribute upon your death, no matter how old you are (it should be at least 21).
Which is the easiest way to make a will?
Making a will is simple and easy
You don’t need a lawyer or worry about the format of the Will. You don’t have to worry about how to write the will, what if anything is missed?
You don’t have to do the hard work because we’ve done it for you! Three simple steps will help you prepare your Will!
Let’s take a look at how?
Step 1: Make your own will right now by clicking here!
Step 2: Enter the details of your assets and property distribution and create your Customized Will.
Step 3: Make a print of your will and have two witnesses sign it.
A registered will is easily accepted in court in the event of a dispute. You can always get a copy from the registrar if it is destroyed.