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Making a Will

Author: Shantanu Dutta   |   Date: 11 May 2017   |   Comment: 0 Share:   |     |     |  

We all are too busy in our lives to create assets. But this is just one aspect of our financial planning. The other part, that is equally important, is to have a wealth succession plan. It is critical to decide on what happens to your accumulated wealth after you are gone. This planning is important to ensure transfer of your wealth in the way you decide and to the people you choose, and most importantly, to avoid any unnecessary legal situations arising from lack on clarity on this aspect. 

The most suitable way to ensure that the final allocation of your wealth happens according to your wishes, is to prepare a Will Deed. A will, in general, means a desire. In legal terms, a Will Deed is a legal declaration of the intention of a testator with respect to his property, which he desires to be carried into effect after his death. Anyone who is above 21 years of age in India can make a Will Deed. It can be made on a plain paper. Although, you have a choice of making it on a stamp paper as well. It is advisable to write your will in your own hand writing as the same can be verified later in case of any doubts raised by family and relatives. A Will Deed is not only about distribution of wealth; it can also offer responsibilities.

In case a person dies without preparing any WILL in India, his wealth will be distributed as per law of succession based on the religion of the deceased. In such cases, most of the times, there are many complications with the distribution of the assets of the deceased person. The family may have to face a financial turmoil in the absence of a Will, whilst recording the assets and liabilities, in case the details are not shared by the deceased person while alive. Preparing a Will also benefits the person who is writing it as he is forced to list all his investments and assets. 

A complete Will Deed contains a lot of information: 


First part, must be a declaration from you stating your name, age, address, etc. and that you are in your full senses and free from any kind of pressures. Also, you must assign an Executor, who administers your Will after your death, and directs the manner in which it is to be distributed to the beneficiaries that you specify. Next part must provide the details of your assets and their current values, for example, your house, land, fixed deposits, shares etc owned by you. Next step is to assign all the assets to the desired person, and in your wishful proportion, after you are gone. In case you are willing to give your assets to a minor, you must appoint a custodian of your assets till the minor reaches an adult age. The last step is to sign the will. You must go through all the points covered in the Will Deed very carefully. It is important that you get the signatures of two witnesses as well, certifying that you've signed the Will Deed in their presence. These witnesses can be your friends, colleagues or neighbors but definitely not any of the direct beneficiaries of the Will. 

Hence, the need and power of a Will Deed must not be underestimated and every adult person should understand his responsibility of making a detailed Will, so that his movable and immovable assets can be distributed after his death, in a legal and hassle-free manner as per his wish.


 

Other articles by Shantanu Dutta

Manage your household budget

Preparing for Retirement

Setting Smart Financial Goals

 

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