The Buyt Desk
You may not have thought of making a will. However, the fact is that creating a will is necessary. After your demise, the family can easily take care of your assets if you constructed a will beforehand. Having a will is quite useful for people who are financially dependent on you. A will fulfils your desire for succession among the heirs. Without a will, your assets will be divided among the heirs as per the law. Moreover, the inheritance tax on the assets is lower provided a will exists. In current times, you can even create an online will.
What is a will?
A will is a legal document that defines how your properties, investments, and assets will be distributed among the heirs, after death. Indian Succession Act, 1925 governs the preparation of a will. It applies to all citizens except Muslims. According to Section 59 of the Act, anyone who is older than 18 years and possesses a sound mind can write a will. You should fulfil every legal requirement to ensure the validity of the will. A will is valid if:
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It contains the name, date of birth, father’s name, and address of the person creating it (testator).
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It clearly elaborates the intention of the testator. The whole document and not only a few clauses should reveal the intention of the testator.
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It talks about only the property/assets owned by the testator. He cannot distribute an ancestral property or property having joint ownership with other family members.
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It contains complete details of all the assets to be distributed. For instance, the description, date of registration, address, and property registration number.
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It has complete details of the beneficiaries like name, age, address, and relationship with the testator. Also, if the asset is given to a minor, then the will should contain details of the guardian who will manage the asset for the minor.
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It appoints an executor who will execute the will after the death of the testator. The will should mention complete details of the executor such as name, age, address, and relationship with the testator.
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It bears the date of preparation and the testator’s signature at the end.
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Two witnesses attest it.
What is the format of a will?
There is no defined format for a will. The document may be handwritten or typed. A handwritten will is more valuable as it is difficult to refute. When constructing a will, avoid using jargon or complex language for ease of understanding. You may follow the below sequence while writing a will.
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First, declare that you possess a sound mind. Begin by writing your details and the details of the executor.
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Write the list of all your assets to be distributed starting from owned properties to the sum in the savings account.
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Clearly state which beneficiary will receive or manage which asset.
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At the end of the document, mention the date of preparing the will and sign it. Two witnesses should ascertain that you signed the will. The will should also contain the personal details of the witnesses like the name, address, and signature. Every page of the will should have the signatures of the testator and the witnesses.
