A will is a confidential and secret document.

A Will is a legal declaration that a person intends to carry out regarding his property after death. A Will is only valid after death. Writing a Will is a traditional way to pass on everything a person has earned or inherited from his ancestors to the next generation.

Everyone who wishes his assets to pass to his heirs smoothly should make a will. It is a myth that Wills are only for the wealthy. So, Everyone should make a Will to ensure that their heirs have access to what is rightfully theirs.  hence,  Anyone can make a Will to distribute their assets. Assets can include property, gold, investments in financial instruments, art, and artefacts—even cash at home.

It is not necessary that the will should be registered or stamped.

You can write A Will on any paper.

It will still be legal as a Will prepared by a lawyer.

the will should identify you as the testator or the person making the Will, list your assets, and indicate the division among the beneficiaries. It doesn’t matter if you write it down or type it; as long as it is signed by the executor and witnessed by at least two witnesses, the Will will be considered legal.

Will Making

Will-making is a simple task that most people can do themselves. Only one requirement is that the Will must be legible. If your assets or ownership are complicated, you may need a lawyer to help you draft your Will. He would make sure that the language is clear and not ambiguous. This could prevent future disputes. He would also ensure that distributions are within the legal parameters.

To avoid disputes between his heirs, an elderly person should not write a Will as he will be too frail but rather have it typed. The natural succession of wealth inherited from the family cannot be overridden by a Will. No matter your financial situation, it is vital that you make a will.

Why is it Imperative to Have a Will?

Some rules govern how money, property, and possessions should be distributed if you die without a will. It may not be how you want your money or possessions to be distributed.

Partners who are not married and those who have not registered a civil partner will not be in a position to inherit from the other unless there is a Will. If one partner dies, it could cause serious financial problems for the other.

You will need to create a Will if you have children. This will allow you to make arrangements for your children in the event of either parent’s death.

If you seek advice in advance and make a Will, it may be possible to lower the tax due on inheritance.

You must create a Will. In case your circumstances change, The will, will ensure that the distribution of your assets and money are according to your desire. You can amend your Will if your ex-partner has moved in with another person after you have divorced. This Will render any Wills you may have made in the past invalid if you get married or form a civil partnership.

Characteristics of a will

A Will is a legal declaration that a testator intends to have his property carried out after his death. It contains a codicil as well as any writing that allows for a voluntary posthumous disposition. The will is a testamentary instrument that a person uses to make dispositions of his property after his death. It is revocable at any time during a person’s life. The testator can change a Will at any time. The executors are not required to produce it.

Two essential characteristics are mandatory for a Will:

1. It can come into effect only upon the death of the testator.

2. The testator must have the right to revoke it at any time.

Wills are useful to dispose of the property. However, they can also serve as executors or trustees for minor children. One important point is that the contents of the Will must state that it will be applied after the death of the executor. It cannot be considered a Will just by its heading. Section 63 of the Indian Succession Act 1925 states that a Will is revocable and can be altered when the maker can dispose of his property through Will.

If a person dies and does not make a Will, it is called “intestate”.  Therefore, His legal heirs will inherit his property by the law of inheritance. Notably, legal heirs are usually close family members like spouses, children, parents, and siblings. Most people want to be able to decide how they wish to dispose of their property. This is why it’s necessary to make one’s Will.

Hindu Law of Succession

According to the Hindu Law of Succession, relations can be divided into two types.

There are two classes: Class 1 and Class 2. 

Class 1 legal heirs will have the first right to the property.

 Class 2 legal inheritors will come into consideration if there is no Class 1 legal heir. Below is a table listing relations that fall under both Class 1 and 2.

 Each one has equal rights to wealth.

Class 1 (First Priority).–Mother

Class 2 (will come into consideration if Class 1 is absent)–Father

 (First Priority). Class 1–Widow (Wife or the deceased).

  If Class 1 does not exist then next to kin –Brother/Sister

Class 1 (First Priority)–Son/Daughter

If Class 1 is absent, Class 2 will be considered.

Similarly in the absence of the legal heir the next to kin will be the rightful owner.

One share per category:

Each person will receive one share, and if more than one person is in each category, the share will be divided equally. If person C, who is entitled to share their wealth, had two children, A or B, both of whom are deceased, A had one child, and B had 2. For C, A and then B are the main legal inheritors. They are entitled to equal shares (50% each), but their children will now get it. A’s child will receive 50%, while B’s children will each get 25%. So B will split the 50% equally between his two children.

Your next step is easy. Look at your family to identify your legal heirs in the event that a will is not written. If you don’t make a will, they will receive a portion of your wealth. The division may not look perfect, but that doesn’t mean you should skip the Will. Get in touch with a lawyer in your area (or online) to prepare the Will and register it.

Contents of a will

It can be time and money saving include all important points in your Will. These are some of the things you should be thinking about:

How much immovable and movable property you have. This includes savings, occupational and private pensions, mutual funds investments, shares and property, insurance policies and bank and building society accounts.

Who do you want to benefit from your Will? Make a list of everyone you want to leave money or property. They are the beneficiaries. It is also wise to decide if you want to give any money to charity.

Who is responsible for looking after children younger than 18 years old?

Who will manage the estate and fulfil your wishes, as stated in the Will? These are the executors.