The Buyt Desk
A will is a legal document that states the wishes of the living person regarding wealth distribution after his/her death. It ensures the peaceful transfer of assets/property to the rightful heirs. If the owner of the property dies without preparing a will then his/her wish of distribution of wealth will be directionless. A well-drafted will with a clear distribution plan of wealth saves the family from disagreement and any legal hassles. Inheritance related rifts sometimes lead to long legal battles. If there are multiple family members and extended family or someone who you adore and want him/her to have a part of your wealth after you then it is advisable that you have a will in place. At times people have responsibility for minor family members. A will is important to outline your wishes regarding all the responsibilities and not just wealth distribution.
An Introduction To Will
A will is an official document describing all the wishes of an individual for the smooth distribution of his accumulated assets among loved ones and family members after him/her. It is also a mandatory document for the legal transfer of wealth after the death of an individual. Furthermore, it is also an acceptable document for asset distribution in India and globally.
Anyone can prepare a will, but the prerequisite is that it must be signed in the presence of two witnesses. A close confidante or a trusted friend could be on witness and many a time people keep a doctor as the second witness to reflect that the person was healthy and had a sound presence of mind while writing his/her will. Furthermore, an individual can change his/her will any number of times. However, once signed latest in the presence of two witnesses is regarded as final, rest are considered null and void in the eye of the law.
Why Is It Considered As An Important Part Of Financial Planning?
A preplanned will is very important because-
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A Will ensures the distribution of wealth equally among the heirs.
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It bypasses the intervention of any other individual, court and other body in the distribution of assets after an individual’s death.
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It averts unnecessary delays and chaos in the distribution of wealth.
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A separate will be needed for joint holders depending on the asset holding ratio. A formal will fulfils this requirement as well.
How Can You Prepare Your Will?
It is not difficult to prepare a will. One can make it by himself/herself by simply writing/typing it on a paper. If you want to you can seek the help of a legal professional or advisor’s assistance. Their invention will not let individuals preparing the will miss any valid point that can become a ground of dispute in the future. Nowadays many websites are also helping people with writing services.
How To Create A Will?
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You can type or handwrite a will. It should specify personal details, such as family details, personal details, details of the property, bequeathed details, along with the details of both witnesses.
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The will creator must give details like while creating the will he/she is mentally fit and writing it in the absence of fear, influence, force and coercion.
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Signature of two witnesses wherever required.
