All the Things to Keep in Mind while Writing a Will

Writing a will or even thinking of writing one is a saddening thought as it involves one’s own death or the death of a loved one. However, it is a very important document if they have several assets and property and how they would like to distribute them among their loved ones and others after death. There might arise a situation when their loved ones or others might face legal challenges in the future, and during that time, the Will would serve as a crucial legal document.

What is a Will?

A will is a written testament by a living person which serves as a legal document that describes how their wealth and assets are to be distributed after their death, mostly among their descendants. The will also describe an individual’s intention about their property and wealth and how they desire it to be carried out after their death in the form of a legal testament. The person who writes or authors the will is called the testator, and they can assign a person who will carry out the proceedings of the will, who will be the executor. The Indian Succession Act of 1925 codifies the laws and provisions governing the distribution of property which applies to every religion except Islam.

Essential Contents of a Will

Several Indian families look neglect the writing of a will, but that might increase the chances of getting into legal problems in the future. Having a written will save a lot of legal hassles. These are certain steps one should follow while drafting the will:

It is best, to begin with, a declaration right at the beginning of the will, suitably with the label “Last Will or Testament”. Mentioning the name of the testator and their address is mandatory, so is mentioning that they are drafting the will in their senses and free from any pressure.
All the decisions and details regarding the property, wealth and other important documents should be written down. Enlist all the items and their value along with it, and this list includes land, house, cars or other items, share certificates, bank deposits, mutual funds, investments, among other things. If the documents are kept in a safe place, the details of the same should also be mentioned.
The testator should make a list of beneficiaries who would inherit their property and assets. Most testators enlist their spouse and children as the primary beneficiaries, but more individuals can also be added. One must take care to identify them properly to avoid any ambiguity in the will.
One can choose their Executor, the person to whom they would entrust the responsibility to carry out and execute their wishes written in the will. This person will be responsible to divide the wealth among each of the beneficiaries in a fair manner and make sure that everything happens smoothly.
It might happen that the testator’s children are minors, that is, below the age of 18 years, where guardianship is a crucial factor for their growth, and there is no natural parent to take care of them. In this case, the testator can choose a person as their legal guardian who will take care of them.
Any other wish of the testator like how they would like their funeral rites to be carried out should be written in the will. If one has pets, then they can mention who should take care of them. The executor should make sure that these wishes are carried out smoothly.
The will should be signed and attested by the testator. Two witnesses, people who are not mentioned in the will, should also sign the will.
One can also get their will notarized, although it is not mandatory.

Benefits of Having a Written Will

The will ensures the division of the testator’s property among their beneficiaries as per their wishes and special provisions if any.
The testator will decide how their property will be managed after their death and who will manage it, and also entrust a person or executor who will be responsible for carrying out the property affairs as mentioned in the will.
In case the testator’s children are minors, they can entrust them in the care and protection of a legal guardian.
With an already drafted will, the family and loved ones of the individual do not have to go through any chaos or differences and disputes among themselves.
A will provides financial safety and security to the individual’s family after their death. It ensures that no one can cheat them of their fair share and that no feuds or disputes arise among beneficiaries.
If the testator is the owner of a company or enterprise, then they can choose the heirs to the same and mention them in the will so that the business can be taken to greater heights by the heirs.

Can one draft a Will on their own?

During the current pandemic situation, it might be an issue to meet with lawyers and advisors on drafting the will. In this case, one can draft their will from home and send the final draft through an email for the vetting and finalization process to their advisors. One can also avail the aid of will-making kits to help them in the process. However, if an individual has several property and assets and they require clarity and assistance in dividing them among beneficiaries, then taking the help of a legal advisor is very effective. Taking the right legal assistance will help the individual to draft their will clearly and avoid any ambiguities. This is of utmost importance when the will of a person has some complexity or involves a lot of money. One can also draft a will and get it passed through a lawyer or legal advisor to make sure that the will is free of any financial complexity or ambiguity. Writing a will that is clear and free of ambiguities can save the person’s family and dear ones from a lot of trouble after their death.