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Want to make a Will? Go online

Those with a simple balancesheet and fewer beneficiaries can use an online platform to make a will. But it may prove insufficient if have overseas assets or a complex family structure

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With rising awareness about succession planning and increased digital penetration, more and more Indians are taking services of online will creators. Creating a will online is easy, convenient and a low-cost alternative to retaining a lawyer for the job.

At the outset, it is important to mention that even a handwritten piece of paper with details of how the assets are to be distributed, and by whom, along with signatures of the will-maker and two witnesses is considered a valid will. Even registration is not mandatory. However, a well-executed will can avoid disputes and registration adds authenticity and reduces the grounds on which a will can be contested in court, in case of disputes.

"When you die without a valid will your assets could be the root cause of dispute among family members. Even a registered will can be challenged in court," explained Hardik Shah, a Mumbai-based advocate and teacher of family law. "A well-executed will with complete details of assets and a clear language can help avoid disputes."

Sensing a demand for making wills and services around it, many online platforms have come up over the years.

E-wills

These online portals provide services like making a will online with ready-to-use templates. Some also offer legal advice suggesting how to distribute your property based on the information you provide them. One can also offer specific instructions for succession.

Making a will online involves a few easy steps. One only needs to register with the service provider, pay fees and submit data making provisions for beneficiaries of your choice. You can either use the ready template offered by service provider or go for the expert advice. In case you choose the latter, the information is sent to the legal expert, who then drafts the will for you.

As the last step, one has to take a printout of the will, sign it and get it attested by at least two witnesses making the will valid. The will can be kept in a safe place for proper retrieval.

Much like the physical will, even online will can be altered as many times as possible - the law considers the latest.

On the death of the will drawer, necessary certificate (technically called a probate) needs to be taken from the court mentioning that the will is a valid one, post which assets can be distributed as mentioned in the will.

Benefits of online will

Creating a will online is not only cheaper, but also offers the advantage of privacy to the person drawing up the will. Such a do-it-yourself tool also offers complete online guidance from the array of legal experts for drafting the will.

"Online will is dejargonised and gives a sense of complete control to the person writing the will," said Nandkishore Purohit, head – digital strategy and analytics at HDFC Securities, which offers online will-making services mostly to its captive clients.

Besides HDFC Securities, EzeeWill, a venture between NSDL e-Governance Infrastructure Limited (NSDL e-Gov) and Warmond Trustees and Executors, offers tailor made solutions on succession planning. Even SBICAP Trustee, a wholly owned subsidiary of SBI Capital Markets offers online will making through its MyWill product.

There are also a few online portals that offer free will making services like Willstar.in and Lawfarm.in. It is highly advisable to verify the pedigree of the service provider before fetching them your valuable data. These free online portals may offer readymade templates for free and charge for any legal assistance.

While online platforms charge anywhere between Rs 1,500 to Rs 4,500 per will, a lawyer depending on his experience and seniority may charge upwards of Rs 20,000 for drafting a basic physical will.

Who can use online wills

Given the benefits, should all tech-savvy individuals and people hard pressed for time and money go ahead and create online wills?

Experts recommend online wills for individuals with a simple balance sheet and fewer beneficiaries. "Online wills are cost effective and possibly less time consuming. They are are a boon for those who are looking at laying a basic succession plan for his or her dependents," said Anuradha Shah, managing director and chief executive officer of Warmond Trustees and Executors.

However, in order to avoid future disputes, one must make sure that the details of various assets held, their holding pattern and the desired beneficiary are named accurately. A detail here or there may be missed out when there is no human interaction. This may lead to disputes in the future.

However, if you hold assets abroad, have a complex family structure or needs some taxation advice over your estate, then online will portals may prove insufficient.

"For instance, an online will may not accurately capture the client's intent for specific bequests, philanthropy etc. An online will making portal cannot be all encompassing in such situations," Shah added.

Need for a will

Unlike in developed countries, will making is not an integral part of financial planning in India. It is important for individuals to understand the difference between a will and nomination to an asset. A nominee is just a trustee to get custody of the asset.

"Nomination is important, but a nominee is a mere custodian and may not be the ultimate beneficial owner. A will supersedes nomination in all assets classes, except equity shares and bonds," said Brijesh Parnami executive director and chief executive officer, Essel Wealth Services.

Online will better than no will

Experts are unanimous in their view that an online will is better than having no will at all. \"Beyond big cities, people are not aware about the benefits of a will. Some simply put off writing a will. Anyway, it's not mandatory in India to make a will, unlike in other developed countries," said Parnami.

In the absence of a will, assets of the deceased individual are distributed following the individual's personal law and this may not be as per the individual's desire.

"A substantial number of litigations pending in our courts revolve around inheritance. Needless to say, a well thought out succession plan, backed by sound professional advice can avoid disputes," said Shah.

STEPS TO MAKE AN ONLINE WILL

  1. Register with the service provider and pay fees
     
  2. Provide information on fees, executor (a person chosen by the will drawer to distribute the assets), and distribution choice
     
  3. Designate a guardian if beneficiary is minor
     
  4. Draft will is made by the service provider
     
  5. If will drawer is satisfied final will is made
     
  6. Take print out, sign it and get it attested by two witnesses
     
  7. Register it if you want. Keep it in a safe place for timely retrieval
     
  8. Make alteration by paying additional fees
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