Why you should seriously consider making your will

Do you know the importance of having a “Will” and why it is so important to make one?

It is often treated as a sensitive matter to be discussed and many times we think that we need to make a “Will” only when we accumulate substantial assets.

The scope of Will goes beyond this as it ensures that your assets, belongings and personal possessions will be distributed according to your wishes in case of your death.

Let’s understand the process:

What is a Will?

It is a document whereby any living person can bestow his wealth to other persons after death.

In India, the law with regards to its execution is governed by the Indian succession Act, 1925 for Sikhs, Hindus, Buddhists and Jains except Muslims, who are presided by the Muslim personal law.

How to make a Will?

First ascertain all your assets, movable as well as immovable. After ascertaining all self- acquired assets, prepare a list of relatives, you want to pass on your assets and the ratio in which you want to distribute your wealth.

You have to make sure that it is written clearly and there is no ambiguity; avoid using technical words.

There is no standard legal format to make a will and it is also not required to be made on a stamp paper; you can simply make it on a piece of paper.

You have to get it attested by at least two persons, one of whom should be your family doctor so as to help in case of any dispute arises with regard to your mental condition at the time of making a will. It has to be duly signed and the date and place must be indicated clearly at the bottom of the will.

When should I make a Will?

The law states that any person of sound mind who has reached the age of majority can make a Will. 

On the other hand, wealth is amassed mostly towards the middle age which is a high time for you to make a will, if you don’t have one.

Can I change the Will once made?

Yes, you can change your will any time you want to, however, make sure that when you make a new will, you mention that this will is the latest one and supersede all the earlier wills.

Registration of Will

The Indian Registration Act does not require mandatory registration of will, but it would be good if you get your will register with the office of registrar because registration will help in resolving any disputes with regard to the authenticity of the will.

Conclusion

Make your “Will” today as it’s a common misconception that all the wealth will automatically pass on to the spouse or your children as relatives or even distant relatives/persons can put a claim on your assets, so make a Will today and avoid any issues amongst family members in your absence.