Wills are legal declarations that describe how a person wishes their assets to be managed or distributed after their death. Wills are legal documents, but there is no set format in which they should be written. A will, for instance, does not have to be written on stamp paper and can be typed or handwritten. Nevertheless, handwritten wills are preferred because they are harder to discredit.
Making a Will: The Essential Elements and Steps
While a will does not have to follow a specific format, it is advisable to follow a template prepared by a legal professional. By doing so, you will ensure that your will meets all legal requirements, making it clearer, more reliable, and harder to contest.
The following elements and particulars should be included in a will:
In your will, you should declare that you are of sound mind. Following that, you must appoint your executor. Make a statement revoking all previous wills and codicils if this is not your first will.
After that, make a list of all your assets. Your savings accounts, fixed deposit accounts, and mutual funds should also be included in this list. Compiling this list can be tedious and time-consuming. To make sure you haven’t overlooked anything, go over it a few times.
Divide your assets: Next, specify which asset will go to which person. By going item-by-item, any ambiguity will be removed.moved. Don’t forget to appoint a custodian for your assets if you intend to give them to a minor. Choosing a custodian you trust is crucial.
Witness signatures: Sign now in front of two witnesses. It will be your witnesses’ responsibility to certify that the will was signed in their presence. Be sure to include the date and the full names and addresses of your witnesses.
Initial on each page: The date and location should be written at the bottom of the will. Each page of your will must be signed by you and your witnesses. Whenever a will is changed, you and the witnesses must countersign it.
Storing the will: Keep it in a secure place. Keeping copies separate from the original will is a good idea.
An explanation of the jargon used in Indian wills
When making a will, you must keep the following legal terms in mind:
An intestate death occurs when a person dies without leaving behind a valid will. If you die without a will, your assets will be distributed according to the laws governing intestacy, depending on your religion.
- Testator: A person who creates and executes a will is referred to as a testator.
- Beneficiary/Legatee: Someone or something you bequeath assets to in your will.
- Executors: The individuals you appoint to administer the distribution of your assets. You may appoint up to four executors. It’s generally a good idea to name more than one executor if one passes away.
- probate of will sample: A legal document used by executors after your death to be able to handle your assets.
- Administrator: Person responsible for dividing assets if there is no will.
- Codicil: A legal document that amends or adds to a will. In order to be valid, a codicil must be written and executed in the same manner as the original will.