Importance Of Writing A Will

Importance Of Writing A Will

Where there is a Will, there is a way. Who so ever coined this, would have never thought that this thought would pave its path so much so into the minds of the people that Without a WILL, there is NO WAY. In the absence of a Will to indicate your left-out wishes, the court steps in and distributes your assets in a proportion as deemed fit as per the laws of the state or following the agreement reached between your children via their lawyers. Scary, isn’t it?

All the more Scary is that If you don’t appoint an heir and go away from this planet without a Will, the govt may claim your estate. 80 percent of Indians die without a Will to their Bed, Yes that’s an 8 with a ZERO.

The Will is, the most common way to ensure that your assets will be distributed amongst your heirs, loved ones, etc after your death. Importance of Writing a Will for Any individual above 18 years of age, is of tremendous importance, sound mental health, can write his / her WILL.

We are busy slogging and switching jobs for fatter pay cheques. We spend time planning real estate purchases and investments through stocks and gold. Arena all of these efforts aimed at providing for a rich life for our loved ones?

The common misconception is that Wills are for rich people with considerable assets to dispose of when they leave this humble abode! Will is for every one of those who have a desire that after they pass away, their children/heirs should get to know what their last wish was for their assets and other stuff! A will ensures that whatever assets you have will be given only to those beneficiaries you mention in the exact proportion you specify. By a Will you ensure that your children are secure, you reduce the possibility of future spats in the family.

Regarding succession problems and feuds in the family, it’s not just the Birlas alone who are engaged in a dispute. One of our customers (from a typical middle-class family), when his Grandmother died, his parents and uncles got into an ugly feud which later had to be settled in court. So even many people from the not-so-rich class get into all this.

A sense of thankfulness towards people outside the maternal/paternal family drives the Will decision, leading to unrest amongst the immediate family.

What is in a Will? A Will is a piece of paper legalized by proper authorities using which any person can transfer his wealth to another person after his death. A Will is enforceable only after the death of the person whose will is in the discussion. The person proposing a Will is called the testator. In India, the law for execution, attestation, revocation, and interpretation of Wills is governed by the provisions of the Indian Succession Act, 1925 for Hindus, Sikhs, Jains, and Buddhists. Wills of Muslim Testators are governed by the Muslim Personal law.

What can be Will-ed? The wealth you amassed in your lifetime, i.e. self-acquired property, can be Willed. The ancestral property will be transferred directly to legal heirs.

When should a person make a Will? The moment you turn 18. Just keep in mind the effect date.

How should you make a Will? For all your assets, self-acquired.

The testator must specify his intention in simple language. Get the Will attested by a doctor to prove that the testator is in a sound state of mind at the time of making the Will.

Get an Executor: Who can be an Executor? Anyone who is close to the testator but is not the beneficiary.

Covering loopholes

There is such a thing as called watertight Will, one should try and cover the majority of the loopholes. One may in his lifetime make several Wills but the last Will is the one that will hold.

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It is important to get it registered, An unregistered Will does not mean that it is invalid. But it is a good idea that you get this registered, take 2 people (known) to the registrar’s office, and sign it in front of these 2 witnesses to get registered. It would be best if you also covered forgery. A Copy of the registered will should be kept in a safe and that too should be notified in the will with the executioner having the sole rights to open the safe.

One Piece of Advice from volody (we Provide Legal Drafting, Will Drafting, and Filing Services at market-beating prices with utmost customer satisfaction), “Never transfer your property to anyone during your lifetime, keep the date of transfer as only after effecting the will which is after the death of the testator. Do not reveal the contents of the Will to anyone.

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Volody is a pioneer in Contract Lifecycle Management (CLM) software since 2016. Our innovative AI-powered software automates tasks, extracts insights, & improves efficiency. Volody has delivered exceptional results for numerous firms, including small businesses & Fortune 500 companies across the globe. In the fast-paced world of CLM software, Volody stands as a consistent innovator & a partner you can trust.