Advantages of making a Will

There is often confusion among relatives and family members if a person has died without a Will. If a Will exists, it’s only necessary to determine if it is the last Will.

It is a declaration of the family’s relationship with each other. This document contains the views, opinions, and feelings of the author. A will allows a property to be distributed personally rather than following the impersonal rules that govern inheritance.

Clear dispositions of property in Wills can resolve many disputes.

One can designate in writing a testamentary guardian to care for his children by way of a Will. A testamentary guardian can be a person whose name is in a testament or a Will. The law will ordinarily recognize the rights of the natural parent who survives to act as guardian for the child in the event of death or disability of a parent. In determining who to appoint a guardian, the law places great importance on a parent’s Will. This matter is crucial for the children’s future. Therefore, you must discuss with the proposed guardian before appointing him as a testamentary guardian.

A will is a very personal document. 

A Will is more flexible than inheritance laws, which can sometimes not be flexible enough to meet the needs of families. Let’s say a person has two children. One son is healthy and is in service, while the other is disabled due to polio. Both children would be treated equally under the laws of inheritance. A Will allows a father to make more provisions for his disabled son or widowed daughter. A Will can also make provision for a faithful servant or nurse, as well as a friend who is in need. Without a Will, all such persons would not be entitled to any inheritance laws.

Even the most unwelcome son who has been expelled from the home for fraud, violence, disobedience, or other reasons, may not be able to make a Will. His father may allow him to claim the estate. A spouse who is not married to her husband might also ask for her inheritance rights.

There are disadvantages to making a will.

However, there are some drawbacks to making a Will. These are mostly psychological. Many people lose their life interests and then die without any compensation.

The laws of inheritance will apply if there is no Will. The Hindu Succession Act 1956 codifies the inheritance laws for Hindus, Buddhists and Jains. The Indian Succession Act of 1925 will apply to Christians. Muslims have their law. Parsis also have their law regarding inheritance.

Requirements to have a valid will

The Will should be signed by an adult who is at least 18 years of age. A minor with immature understanding will not be sound and thus incapable of making a Will.

Married women can dispose of any property she has not been able to alienate through her Will.

Anyone with sound judgment can make a Will.  Therefore, The person must be aware of the nature and identity of who will inherit the property and the nature and purpose of the document.

It is important to make A will freely and without any pressure from anyone else.

Deaf, dumb, or blind people can make a will to understand what it does.

An individual who is normally insane can make a Will in an interval when he is still of sound mind.

These are some common mistakes in making a will.

• not being aware of the formal requirements to make a Will legally binding.
• Failure to account for all money and property available.
• It is important to consider the possibility of a beneficiary dying before the person who made the Will.
• Modifying the Will. These alterations will be invalid if they are not witnessed and signed by a witness.
• Unaware of the effects of marriage, a registered Civil Partnership, Divorce or Dissolution of a Civil Partnership on a Will.
• They are not aware of the rules that allow dependents to claim the estate for their needs if they feel they are not adequately cared for. 

These rules could mean that provisions in the Will may be rewritten.

It is advisable to hire a solicitor when necessary.

How do you draft a will?

Create a will in a peaceful state of mind. Be sure to keep the contents of your Will in mind. Make a list of all your assets. You can include your plot, house, flat or farmhouse, and industrial land, commercial land and factories. All other assets are movable assets. Make sure that you include all items.

Now, make a list of all your loved ones and decide to who you wish to leave assets to. These people are the beneficiaries. You should always include full names in documents of persons (in Passport, PAN Card or 10th Mark Sheet). Father’s names of beneficiaries are also included so that there is no confusion at the time of execution or asset distribution of Wills.

The third step is to list all family obligations, commitments to others or obligations to someone. Some families may have an unmarried or divorced daughter. If funds are needed shortly, make provisions in your Will. A nephew or niece may be an orphan living with the testator family. Or, a person who is mentally challenged or physically disabled may live with them. To ensure their smooth existence, the testator must make provisions in Will. You must consider all of these obligations and liabilities as a testator and make sure you fulfil them.

Make sure you make provisions and assign the liability to the person responsible for repaying the loan if you have a home loan or other loan.

Fourth, create a list with beneficiaries. You must ensure that the list includes all beneficiaries and items. The rough layout of your Will is now ready for you to move on.

A will is a very confidential document.

 You or your lawyer should draft your Will.

This is an important step to take as a testator (a person writing a Will). It is the person who will draft your Will. You have two options: either hire a lawyer to draft your Will, or you can do it yourself. There is no set format to follow or use of a specific language to create a Will. You can do it yourself. A professional lawyer, financial planner or anyone literate can draft a will. However, he should keep in mind your feelings and interests. You can find draft a Will by referring to many legal books and through the internet.

Law requires that wills of Hindus, Jains and Buddhists, and Sikhs be written, signed by the testator (or any other person present under his direction) and two witnesses must attest the will. This requirement does not apply to Muslims.

Will’s language should be simple and free of technical terms. It should be easy to understand for a layman.

Executors

The Will must mention an executor to execute the Will. Therefore, the Executor’s responsibility begins after the death of the testator. The Executors will take care of the estate and carry out our wishes. They will need to gather all assets, handle all paperwork, and pay all taxes, debts, funeral and administration expenses. They will have to pay the gifts and transfer any property they own to beneficiaries.

One person (male or feminine) can be the Executor of the Will. You can nominate one person or have a Joint executor. Executors are usually close friends, relatives, accountants, solicitors, and banks. A lady Executor is as an executrix.

The Executor is empowered, able and obligated to distribute the assets according to the instructions in the Will.

The executor assignment is a complex and difficult task. It would help if you chose someone honest who will take care of the family of the testator. Keep in mind that the Executor must be willing to assume the responsibility. The age of the Executor should be less than that of the testator.

It is a good idea to nominate more than one Executor if one of them dies.

therefore,  It is not uncommon to appoint more than one Executor.

It is possible to appoint one of your beneficiaries as the Executor. Any other surviving executors can handle the estate if an executor passes away. Legal advice should be taken if there are no surviving executors.

Witnesses

You should consider the selection of witnesses before you begin drafting a will. There should be at least 2 witnesses to attest the Will. A Will without a witness is null and void.. Any person, male or female, may serve as a witness. However, the witness must not show any interest in the property nor beneficiaries. In a Will, you should choose at least two witnesses.

The criteria for their selection are the same as those of an executor. This means that they must be open and honest with you and willing to sign your Will. They should be younger than the testator. They must also be present at the execution or registration of the Will.

Solicitor

A will does not need to be written or witnessed by a lawyer. You can make your Will by yourself if you so desire. You should only do this if the Will is simple.

A solicitor is a good idea to review a Will you’ve written to ensure it has the desired effect. It is easy to make errors, and if the Will is not correct, it can lead to problems after your death. The cost of resolving disputes and misunderstandings can be high, which could reduce the estate’s value.

It is especially advisable to use a solicitor in the following circumstances.

-There’s a business involved.

-You are sharing a property you own with someone other than your spouse, civil partner, or husband.

-Many family members could claim on the Will. For example, a second spouse or children from a previous marriage.

You are not an Indian citizen.

-You want to provide for an invalid dependent.

-India is not your permanent home.

-Although you are a resident of this country, there may be overseas property.