Topic 1: Thinking Of Writing a Will? Here’s How To Go About It
You can create a will by yourself, but if you want to ensure that it is legally flawless, you can take assistance from an estate planner or a legal advisor.
Many adults procrastinate when it comes to creating a will, as it acknowledges one’s own mortality. However, it’s essential that you put down your wishes on paper to avoid hassling your heirs. A will is after all a legal tool that helps in disposition of assets among the loved ones as per the desire of the individual after his/her demise. Following are a few things you must consider for creating a will:
Segregating Your Assets:
You must start with segregating all assets that belong to you. The assets should be listed clearly & classified into categories such as immovable properties, movable properties, cash, jewellery, investments, etc. However, if the property is not owned by the testator (the person making the will), it cannot be transferred through a will. Assets which are taken on rent or lease can be passed on to the claimants for the remaining tenure only.
Eligibility:
Anyone who has attained the age of 21 years is eligible to create his/her will.
Appointing A Guardian:
You can pass your assets to a minor but you must also appoint a guardian to maintain the assets until the minor becomes an adult. A will can be changed & revised from time to time. However, the changes need to be properly signed & dated. While for minor changes, you can make a supplementary statement, for major ones, creating a new will is recommended.
Executor of Will:
An executor is someone who executes the wishes mentioned in the will. The executor of a will is an important person and you must select someone you trust. Once the executor is finalized, you must inform him about the appointment & if he agrees upon it, he is nominated as the executor. If you are not able to find a reliable executor, you can take help form the court to nominate one. Typically, two witnesses are required to prove the authenticity of the will; they need to put in their names, addresses & date of creating the will. They or their spouses cannot be the beneficiaries of the will. A medical certificate stating that you are mentally fit needs to be attached to the will and mentioned in the annexures. You can get it from a doctor with the date and time mentioned on it.
Registering the Will
While it’s good to get a will registered, it is not compulsory. A will is considered valid even if it is not registered. However, registration helps you in creating a legal evidence of the will. So, in case you lose your will or it is tampered, you can get a copy of it from the registry office. If you create two wills, the new one would supersede the old one. Your assets will keep growing through the years, therefore you must keep updating your will periodically to reflect the new assets you have acquired.
Can You Create a Will Yourself?
You can create a will by yourself, but if you want to ensure that your papers are legally flawless, you can take assistance from a professional such as an estate planner or legal advisor.
Source: Financial Express
Many adults procrastinate when it comes to creating a will, as it acknowledges one’s own mortality. However, it’s essential that you put down your wishes on paper to avoid hassling your heirs. A will is after all a legal tool that helps in disposition of assets among the loved ones as per the desire of the individual after his/her demise. Following are a few things you must consider for creating a will:
Segregating Your Assets:
You must start with segregating all assets that belong to you. The assets should be listed clearly & classified into categories such as immovable properties, movable properties, cash, jewellery, investments, etc. However, if the property is not owned by the testator (the person making the will), it cannot be transferred through a will. Assets which are taken on rent or lease can be passed on to the claimants for the remaining tenure only.
Eligibility:
Anyone who has attained the age of 21 years is eligible to create his/her will.
Appointing A Guardian:
You can pass your assets to a minor but you must also appoint a guardian to maintain the assets until the minor becomes an adult. A will can be changed & revised from time to time. However, the changes need to be properly signed & dated. While for minor changes, you can make a supplementary statement, for major ones, creating a new will is recommended.
Executor of Will:
An executor is someone who executes the wishes mentioned in the will. The executor of a will is an important person and you must select someone you trust. Once the executor is finalized, you must inform him about the appointment & if he agrees upon it, he is nominated as the executor. If you are not able to find a reliable executor, you can take help form the court to nominate one. Typically, two witnesses are required to prove the authenticity of the will; they need to put in their names, addresses & date of creating the will. They or their spouses cannot be the beneficiaries of the will. A medical certificate stating that you are mentally fit needs to be attached to the will and mentioned in the annexures. You can get it from a doctor with the date and time mentioned on it.
Registering the Will
While it’s good to get a will registered, it is not compulsory. A will is considered valid even if it is not registered. However, registration helps you in creating a legal evidence of the will. So, in case you lose your will or it is tampered, you can get a copy of it from the registry office. If you create two wills, the new one would supersede the old one. Your assets will keep growing through the years, therefore you must keep updating your will periodically to reflect the new assets you have acquired.
Can You Create a Will Yourself?
You can create a will by yourself, but if you want to ensure that your papers are legally flawless, you can take assistance from a professional such as an estate planner or legal advisor.
Source: Financial Express