Do you want to leave your wealth Just like that and let your loved ones fight with each other to get their shares? If No, Then this article is for you!
Although the idea of making a Will and discussing it openly is unsettling because it requires you to consider your own death and/or the death of a loved one, this does not mean you should avoid doing so. Having a will is arguably one of the most important things you can do for yourself and your family
Let’s Understand What is a Will and How to make a Will in India that too in a matter of minutes on your Fingertips!
Generate your Will here
What is a Will?
A Will is a legal declaration made by a person on a document that specifies how his assets will be distributed after his death. It is a one-time document that takes effect after a person’s death and allows you to make an informed decision about how your wealth, property, and assets will be allocated once you pass away.
Wills are legal documents, but there is no standard format for them because they can be written or typed on any document, not simply stamp paper. A Will can be changed or canceled by the owner at any moment before death.
Many of us believe that discussing “Making a Will” is morbid, and as a result, we don’t approach it with the appropriate mentality.
Let us help you clear all your doubts regarding a Will and how you can make it in its article!
|You can also watch the above video which answers all your questions related to Making a Will, in case you prefer Videos over Blogs!|
Why making a Will is Importnat?
A will is so crucial that it should be the first thing you do with your money. If your family structure is complex, and you wish to leave your money to various members of your family, you should write your WILL today, not tomorrow, or later.
In India, for example, if you die without a Would, your assets will be allocated according to the ‘Hindu Succession Law’ (Government rules, on how wealth should be divided among family members). Because children and occasionally even relatives might lay a claim to the property, it is a prevalent fallacy that the entire estate is automatically handed on to the spouse.
What type of Property can be Added in a Will?
You can add all your Movable and immovable properties to your Will.
Here is a detailed list of Of Property And Assets that you can include in your Will-
- Real property, such as real estate, land, and buildings
- Cash, including money in checking accounts, savings accounts, and money market accounts, etc.
- Intangible personal property, such as stocks, bonds, and other forms of business ownership, as well as intellectual property, royalties, patents, and copyrights, etc.
- Unproductive property, such as valuable objects like cars, artwork, jewelry, and furniture, etc.
- You can also include your “residuary estate” in a Will, which refers to any assets that are not specifically left to anyone. You can designate a “residuary beneficiary” who will inherit the remaining assets that are not left to other named beneficiaries.
Here is a list of properties you can not include in a Will-
- Any property that is held in joint tenancy (owned equally by two parties), such as a house that you own equally with your spouse since the property will automatically transfer to the surviving owner.
- Any Trusts, retirement plans, or insurance policies that clearly state a beneficiary
- Stocks or bonds that are set to transfer to another party upon death (property for which a beneficiary has already been named)
Can you add your ancestral Property in the Will?
Ancestral property is a piece of land that was purchased by your great grandfather and has been passed down through the generations (your grandfather and father) to the current generation (you) without being divided or partitioned by the family.
One can add their ancestral property in their Will only if they have the assets in their name. If you have the assets in your name then you can pass it to anyone you want to through your will or else it will pass to your heirs according to Hindu succession Laws.
How to make a legally compliant will?
A will is executed by ensuring the signature of the testator in the presence of the two witnesses and their signatures as well.
You can make a Will on a normal piece of paper and get it signed by the testator and two witnesses are the only requirement to make it legally valid!
Generate your Will here
Is it mandatory to register a will?
No, it is not necessary to register a Will!
The Law doesn’t force you to register a will! Unregistered will is also valid!
But We would suggest getting your Will registered because in case of dispute registered will be accepted in court easily.
Secondly, If your will is lost or destroyed you can get a copy from the registrar’s office!
The registration is optional, under Section 18 of the Registration Act, 1908. But, is advisable to register a WILL as a registered WILL cannot be tampered with, mutilated, destroyed, or stolen.
What is the cost of Registration of Will?
You can save lawyer’s fees of 10,000-15,000 when you use eSahayak for drafting the will, however, the registration of a Will is exempt from stamp duty. You may, however, be required to pay a small registration fee, which varies by state.
|Read Cost of Making a Will in India! to know the cost of registration of Will in each state and UT!|
Can you write a Will on a normal paper?
You don’t have to get a lawyer to draft your will. It’s perfectly legal to write your own will.
A handwritten will as valid as a Printed will as long as it is signed by the testator and have the signature of at least two witnesses.
Can you change the will after registration?
A testator can change his Will, at any time, in any manner he deems fit. Every person of sound mind, and not a minor, can make a Will. If a person is of unsound mind at the time of making a Will, the Will is not enforceable.
There is no restriction on how many times a Will can be made by a testator. However, only the last Will made before his death is enforceable.
Where should you keep your Will?
You can keep your will wherever you feel it’s safe.
At Home: This may be a suitable alternative if you have a fireproof and waterproof metal box or home safe. Make sure your executor knows where your will is and that he or she will have access to your home after you die before you choose this place. Also, if the box or safe you’re using has a lock or a combination, make sure your executor knows how to open it.
With Your Executor: Because your executor will be the one to use your will in the end, it’s a good idea to give him or her the original copy, assuming the executor has a safe location to keep it. If you pick this option, be sure your executor is someone you can trust, as you may need access to your will at some point in the future if you want to amend it.
When is the right time to write a Will?
Anyone of legal age (21 years old) and a sound mind can make a Will.
If you have a property that you wish to distribute at the time of your death, you should have a Will no matter what your age is(it should be more than 21 ofc)!
What is the Easiest Method to make a Will?
The easiest way to make a Will is eSahayak!
With eSahayak, you don’t need any lawyer or don’t have to worry about the format of the Will. You don’t have to think about all the questions like how to write the will, what if I miss anything?
At eSahayak, we have done the hard work so that you don’t have to! You can prepare your Will in 3 simple steps!
Let’s see how?
Step 1: Click here and Start Making your own Will Right Now!
Step 2: Fill in the details of your assets and property distribution and get your Customized Will is ready.
Step 3: Get a Print of your Will and get it signed by two witnesses.
Register your will if you want to because in case of any dispute registered will is accepted in court easily. And if it gets destroyed, you can always get a copy from the registrar.
Since life is uncertain and death is the only certainty, one must make a Will well in time. So make your Will wisely and timely!