BankBazaar.com CEO Adhil Shetty on things to remember while writing a Will

Spending long hours planning your investments is not enough in financial planning. You must also plan about who will get your assets after your death. It is normally assumed that the family members will get the assets of a deceased person, even if there is no proper legal document supporting this. However, it is always better to ?legalise? your wish of giving your assets to your family after your death. This is possible by writing a Will, so that your loved ones can receive your assets without having to run from one government department to another.

What is a Will? When should it be written?

A Will is a simple document that deals with the distribution of your assets after you die. In India, you need to be above 21 years to write a Will. You can write a Will at any point of time in your life. The earlier you make a Will, the better it is for you and your family. People usually associate Will writing with the later stages of one?s life. It is also often thought that only the wealthy need to write a Will. However, both these ideas are incorrect. Writing a Will should be one of the first few things you must do when you start to build your assets.

What are the benefits of a Will?

When you don?t have a Will, the court intervenes in the distribution of your property, which may result in several years of legal paperwork. However, when you write a Will, you can choose who will get your assets, how much will each person get and when the asset will be received by the beneficiary. In simple words, everything is clearly spelt out in the Will. Thus, your loved ones can receive your assets without any legal problems.

How is a Will written?

Hand-written or typed, a plain A4 paper can be used to write a Will. There is no need to use a stamp paper. It is advised that writing a Will in your own hand is always better, to avoid disputes later and help in easy confirmation of the veracity of the Will. You may or may not register the Will. Nevertheless, registering a Will will help in establishing its authenticity. You can register it in the Registrar?s or Sub-Registrar?s office by being present in person and accompanied by two independent witnesses. You should sign the Will in the presence of the Registrar and this is verified by the witnesses by giving their details. The date and place is mentioned in the Will; sealed and kept in a safe, fire-proof place. Remember that the witnesses you choose should not be beneficiaries of your Will.

Things to remember

Your full name and address should be mentioned in your Will, and should have a declaration that the Will is made by you in your full senses and not by force. Your Will must be dated. If you have written multiple Wills, the one dated the latest will supersede all other previous Wills. Your Will must be clear and written in simple language. Do not write vague, unclear statements.

You must number the pages in your Will, so that fraudulent substitution or replacement of pages of the original Will is difficult. You must also mention the total number of pages at the end of the Will.

Mention the details of all your assets in your Will. This includes the place of storage/location of the asset and their value. You must specify the individuals who will get a share of these assets on your death and the proportion to each person. When you wish to transfer the assets in the hands of a minor, you must specify the details of the custodian also in your Will. The assets included should be both movable as well as immovable assets. This should also include valuable paintings, furniture, household items etc, so that there is no dispute among family members later. Any asset which does not find a place in your Will will be considered intestate succession.

Remember to include changes in your assets pattern in the Will whenever you add or dispose assets.

An executor (one who executes the Will) must be named in the Will. He is the one who will be in charge of distribution of your assets according to your Will after your death. Therefore, appoint a trustworthy person for this purpose.

As a Will deals with your assets, you need not disclose its contents to anyone.

You can change your Will at anytime during your lifetime as the Will becomes effective only after your death. You must prepare your Will with great care and take the help of a well qualified, trusted advocate, since this is one of the most important documents you create in your lifetime.