Where there is a will there is a way. Certainly when there is a WILL there is a less confusion for your legal heirs.
Estate Planning is the process of making a plan in advance and naming whom you want to receive the things you own after you die. Estate Planning is one of the most neglected aspects of personal financial planning.
If the head of the family dies without leaving a Will (Intestate) or without mentioning the nominee names then it is an upheaval task for the legal heirs to access the investments/assets. We have lot of high profile examples for this, like Dhirubhai Ambani, Abraham Lincoln, Picasso, Agatha Christie, who died without writing a Will.
Accumulating assets/wealth may be important, but it is equally important to ensure that your inheritance is passed on smoothly to your heirs.
What is a Will?
The most basic instrument of Estate Planning is a Will. A Will is a legal document that clearly sets out your wishes for the distribution of your assets after your death. It should be done in the presence of two witnesses.
Drafting a Will is a very easy job. Legally speaking, you can just jot down all the properties’ or assets’ details in a piece of paper (Stamp paper is not required). Mention the beneficiaries name(s) and sign on it. Get it attested by two independent witnesses. It is recommended that witnesses should not be the beneficiaries of your will. This is because they should not stand to gain from your Will.
Online e-WILL – Service Providers
As discussed, the process of making a Will is easy. But, you can now get this done online by the experts (mostly lawyers) at a very minimal cost. (Generally lawyers may charge atleast Rs 15000 to Rs 20000 minimum for drafting a Will).
Some of the service providers who are offering this service are:
- HDFC Securities : E-Will
- LegalDesk.com
- Ezeewill.com of NSDL (National Securities Depository Limited)
- Willjini.com
HDFC, NSDL and Willjini are currently offering the online Will drafting service for Rs 4,000. NSDL is charging Rs 250 for any additional reviews. LegalDesk charges Rs 1,999 for creating a Draft Will. Your online Will (draft) will be sent to your e-mail account or to your residence (available at select cities at extra delivery charges.).
Online Will – The Process..
The process of writing an e-will is almost similar with all the service providers.
- Register for e-Will service by providing your personal details. Like – your name, gender, date of birth etc.,
- Get the login credentials (Login Id and password)
- Pay the charges (Rs 4000/-) online using your net-banking account or debit/credit cards.
- Enter your other details like – Residential status (Resident or NRI), Religion, occupation etc.,
- Enter your family member details
- Fill in details of all your assets
- Provide details about who will be the beneficiaries of your assets.
- Generate the E-Will and get the legal Will by email
- Sign the Will and get it attested by two witnesses
All the above service providers claim that this whole process is done in a secured encrypted environment. It is as good as trading financial securities online. They cannot view or access your e-Will details.
Registration of Will
The Registration (or) notarization of the Will is not mandatory. But you may get it registered by visiting the nearest Sub-Registrar office. No stamp duty charges applicable for this. But, you may incur Registration and scanning charges. To register, you have to visit personally along with two witnesses. Carry your original Will, Fitness certificate (given by MBBS Doctor) and KYC documents (address, ID proofs).
Important terminologies used in a Will:
- Testator – The person who makes the Will
- Beneficiary(ies) – The person(s) who inherits property under a Will
- Executor – The testator’s legal representative who will execute the Will. He/she is the person who distributes the assets as per the Will.
- Codicil – This is a legal document used to append, alter or add to an existing Will. Minor changes in the Will can be made using a Codicil
Important points to be noted
Below are few important points to be considered while writing your Will (or) while filling in your details online.
- A Will is considered as a living document. You can make as many changes as you want.
- You should be more than 18 years of age
- Review your Will if you buy new assets (or) sell the existing ones.
- You can change beneficiary(ies) or the Executor names at any point of time. You may make a Codicil.
- It is not mandatory to appoint an Executor however it is preferred
- If possible make sure that the two witnesses and the executor are younger than you. They may be still around when your Will is being executed.
- You may mention minor children as the beneficiaries. But, you have to nominate guardians for them.
- Jointly held properties can be included in your Will. Only to the extent of your share in those kind of assets can be distributed by you in your Will.
- If you have mentioned nominee name while investing in Bonds or Shares then he/she will be the beneficiary. The nomination supersedes the Will. This is applicable for investments which fall under the purview of the Companies Act.
- For all the other investments like Real estate, mutual funds, bank accounts, insurance policies etc., your Will supersedes the nomination.
- A Joint Will can be made. Both spouses can write a joint Will. However, such joint WILL can take effect only after the death of both and not during lifetime of either one.
- You can cancel or revoke the Will at any point of time.
- In case of Christians and Parsis the WILL gets cancelled/revoked on marriage.
- Muslim are mainly governed by their personal laws in respect to WILL and inheritance. As a general rule Muslims can make a WILL of only 1/3 rd of his/her properties and the remaining properties are distributed as per the succession mentioned in Sharia laws.
(You may like reading my article on “How to write a WILL and Sample Draft of a WILL.“)
We are living in a world of uncertainty. Anything can happen at anytime. So, it is advisable to have a written Will irrespective of your age, income or networth. It reduces the chances of legal disputes and lessens the emotional distress of your legal heirs.
Continue reading :
- Leaving A Mark Before That Final Journey: The Last Will & Testament
- Nominee Vs Legal Heir : Who will inherit (or) own your Assets? | Importance of WILL
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I know that i cannot give a tenanted flat to someone in my will. nevertheless i would like to mention in my willthat my niece who is my sole relative and caretaker should get my flat after my death,
what clause should i put in – i am 85 years old and am not able to consult a lawyer
Dear Sir,
May I know if you are the owner or tenant of the flat??
Hello,
you have here mentioned that as per “companies act” the nomination supersede Will and hence shares will be given to the nominees and not legal heirs. But recent High Court ruling in a case in 2016, clearly states that companies act cannot supersede law of succession. Please clarify
Dear Bhrujal,
Yes, I am aware of the mentioned judgement.
But, I believe that even if there is a nomination for Shares/Demat account, legal heirs will have the right over them.
But, if there is a WILL written, it can supersede any rules/regulations.
You may go through below articles :
* Nominee Vs Legal Heir : Who will inherit (or) own your Assets? | Importance of WILL
* Is nomination enough to ensure inheritance of asset?
*Provisions of a valid Will can supersede the Hindu laws of succession
I want to give my one Residential Flat to my closest friend. How, I can make the proper WILL, please advise.
Dear Mr Bhattacharya,
Assuming that this property is your self-acquired one, you can write a WILL and get it registered in the concerned Sub-Registrar office.
Suggest you to kindly take help of a civil lawyer.
Related article : 5 ways of transferring your Immovable (or) Real Estate Property
me and my wife own all our properties in joint names. both of us want that upon death of one of us, the property should go to the spouse and not to our children as per hindu succession laws.
my query is:
1) can we make a joint will stating that our share of property goes to the other upon one’s death.
2) can either survivor be the executor of the will in this case.
Dear Raj,
1 & 2 – Both of you can make separate WILLs and can draft them as per your wishes. I assume that these are self-acquired assets.
Read:
What is ancestral property?
Nominee Vs legal heir – who will acquire your assets?
Dear Raj,
You have option to write two separate Will as per wishes mentioned (called Mirror Will) OR you may also write combined i.e. Joint Will with surviving spouse as Executor, it is legally fine.
Sreekanth Ji.
If i write a will today and mention the beneficiary of my assets, how do i mention about the assets that will be accruing henceforth. Can i just write a supplement and attach to the original will with cross referencing?
Smiles
You may mention that all Assets in your name (acquired presently or in future).
Yes, you may edit the WILL. Codicil – This is a legal document used to append, alter or add to an existing Will. Minor changes in the Will can be made using a Codicil.
You may also write a totally new WILL. The last WILL is considered as a valid one legally.
Dear Ramaswamy,
You may add a ‘blanket bequeath / distribution clause’ about ‘future assets’ as well as ‘residual assets’. Also it is good practice to review your Will at every 3 to 5 years to check whether it needs to be re-write due to changes in assets, family members or your wishes. Whenever a Will or Codicil (supplement) is made, it has to be with 2 witnesses and properly worded (though very simple language) to avoid any ambiguity.
Dear Sreekanth
I have three questions.
1. Is it necessary that the witnesses to the will be a relative or can anybody be the witness?
2. My father has in his will mentioned the share of his house as 40% to me, 40% to my brother and 20% to my sister. Right now the property is unsold as my brother stays there. How do i mention in my will that my 40% share should go to my wife and after her to my son.
3. What exactly is the role of an executor? Is it OK for me to write a will and then hand over a copy to my wife and son?
Regards
Dear Ramaswamy Ji,
1 – Anybody, who is healthy and preferably not a beneficiary mentioned in the WILL.
2 – You may mention clearly that you own 40% share in property (mention clearly the address) and this will be inherited by your Spouse later on.
3 – Yes, it is ok.
Suggest you to take help of a civil lawyer or any online WILL drafting service.
Thanks. What is the role of an executor and should he be a lawyer
Smiles
Dear Ramaswamy ji,
Typically, the job of executor is defined as the person named to distribute a deceased person’s property that passes under his or her will, and arranges for the payment of debts and expenses.
He can be anyone by profession. If he/she is a lawyer friend, then well and good 🙂
Executor’s role is to distribute assets as per Will (wishes) within a reasonable time. Executor can be beneficiary or a relative/friend or professionals.
I have gone thru the hard work put in by you on this website & appreciate the same. Thanks for serving the humanity. My quarry is that spellings of my name in all the banks & FDRs & other assets are same but the spellings of my wifes name differ with different banks & assets like Mridul Aggarwal/Mridula Agarwal/Mridul Aggarwal. The same variations are with her passport/Aadhar card/Pan card. The assets like purchase of property or opening of different bank accounts were done with various IDs as mentioned above.Will this creat problem in writing a will. Pl clarify.
Dear Anil,
Different names in different IDs & documents may post some unwarranted challenges, especially if asset(s) is kept for sale.
Can you suggest some remedial measures which can be taken like changing names in IDs. This may be a bit difficult. Her passport has different international visas stamped so should she keep that one for & rest of IDs to be changed accordingly. Or else she should go with the name in property. Pl advise. Thanks once again. Anil Aggarwal
Dear Anil,
Based on Passport document, you may first get the name changed in her Aadhar card. As these two are very important documents.
You may contact your bankers and submit request for name change on all her bank accounts & deposits.
But getting the name corrected on Real estate property papers can be a challenging task.
Rectification Deed can be considered in this case. Kindly note that presence of both parties (buyer & seller) is required to execute Rectification Deed.
If this is not possible, another option can be to publish a classified Ad that your wife is known in both names…
Kindly do take legal advice.
It is advisable to cover all names / facts when you write a Will later you may do required changes
Can I write that all the shares /bonds/mutual funds held by me in different companies till today and purchased in future shall automatically goes to ………… at the time of the execution of the will or the items should be specifically notified separately in the will.
Dear KONDAIAH,
Yes, you can write a blanket WILL by just mentioning that all your assets in your name will go so and so beneficiaries..
In my WILL I want to write that all my assets and property to go to my wife after my death.Only after her death the assets be distributed to my two sons as explained in the WILL. In short all assets to remain with us either of the survivor. Only after the death of both of us the assets to be divided.
Kindly advise how do I write the above in the correct format.
Dear Prem,
Suggest you to opt for online WILL writing service or consult any lawyer to get this done.
Once the WiLL is registered and want to make some change.What is the procedure? Is fresh WILL to be made and get it registered.
Dear Prem,
Yes, you can make fresh will and get it registered (though registration of WILL is not mandatory).
One can also execute a Codicil – It is a document that is executed by a person who had previously made his or her will, to modify, delete, qualify, or revoke provisions contained in it.
Dear Sreekanth,
My father died recently intestate. Goa has a uniform civil code and hence his property would be divided 50% to spouse and 12.5% to his 4 sons (no daughters). Since 3 brothers are settled abroad with British and Austalian nationality except for the 4th who is a NRI, the other relatives (nephews of the deceased) are constantly advising the mother to convert the property title deed in her name and then they plan to convince her to assign some share to them or sell the property for peanuts in her vulnerable state. Since upon death of the father the 4 heirs have already received 12.5% share, how do they take possesion of this and secure it? Also under the uniform civil code I understand that the mother can only will 1/2 her share which is 25% of the whole property and keep the balance 25% till her death. That would mean by her will she could give 6.25% share to each of the sons. Is this correct or can she will her whole share? Assuming she wants to share the property with different ratios how does the 25% get distributed? What about the balance 25%?
Dear James,
I do not have comprehensive answer(s) to your queries. Kindly consult a Civil lawyer.
Thanks for elaborating the process to write a will. I seek a clarification, can the testator write that in case the beneficiary mentioned in the will is predeceased the property will go to the second beneficiary. Like first a person will the property to his wife and in case she is predeceased to his children.
This is to avoid making repeated wills.
Kindly clarify
Thanks
Dear Rakesh..Yes, a WILL can be written on these lines too.
Hi Sreekanth,
It was good to see your article on online Will writing. In my previous comment to your article, an extra ‘us’ has been typed. It would be great if the same can be edited at the time of moderation.
Thanks a lot,
Regards,
Gargi
Hi
I live in dubai and have property in india. Need a will to make my wife the beneficiary. The hdfc submit form is not taking my dubai mobile number. How do I proceed
Dear Sridhar..Kindly check with their customer care.
Hi Sreekanth,
We do provide online Will writing services. We could be visited at http://www.willsecure.in.
Dear Sridhar,
You may do online Will at HDFC Securities https://goo.gl/Rj2b26 Or with Willjini.com.
I would like to receive a simple draft of a Will with required legal language and requirements that I can manually prepare with details of the assets are to be distributed and sign. You have already said that it is not mandatory to register a Will with Govt authority (sub-registrar) but signatures of two independent witnesses are rrquitef. Awaiting this format with blanks to fill in appropriate details. Thanks
Dear Mahalingam,
I have provided one in the article. You may take professional help by opting for WILL drafting services as mentioned in the article.
Is it necessary that the WILL must be from an agency?
Is an e-will for e.g., visible to all the investment agencies, such as Banks, MFs etc., so one does not have to carry a hard copy?
If not, What additional value do they (e-will)provide if they are just sending a word doc over email?
thanks
eWill is a tool to write a Will via internet instead of visiting to a Lawyer. In India a Will has to be physical with signed of testator and 2 witnesses, a digital or electronic Will is yet not legal.
Thank you dear Jatin, for sharing your views and answering the queries. Appreciate it!
Very useful article. Please accept my greetings for your efforts to educate general public in this area of writing a Will. …..Regards ….BTS
Dear Bhimashankar..thank you for your kind words and keep visiting 🙂
Hi sree .have u replied ramans query?
Dear Sridhar,
Due to personal emergencies I was away from work during some days of Sep, so some of the queries that were raised during this period remained unanswered.
1) It is not necessary that the WILL is prepared by an agency.
2) It is not visible and available to other third parties.
3) Kindly note that WILL can be a simple one or a complex one based on ones requirements. It is better to take help of a professional(s) to get it done.
Williji.com offers simple question answers about WILL (FAQ) in 12 Indian languages at Fee of cost. Anyone needed basic knowledge may download from https://goo.gl/1D4Jtc
Very useful tips. Thanks a lot. Can a beneficiary be named as the executor? I have no one who can be burdened with the task of executing my will. What are the options for people like me for choosing an executor?
Dear Gautam,
It is advisable not to name a beneficiary as the Executor. Kindly note you can change the executor name anytime in future.
1. Thank you for the self help format of the WILL.
2. I live abroad. Can an NRI write a will and get it witnessed and Notarized in while abroad for all assets held in India? – i.e. please confirm that there is no need to be in India while creating and signing the will -Yes?
Thanks
Dear Ananth,
A WILL can be prepared ny an NRI and can then be notarized with witnesses while the NRI is not in India. The will can then be Registered when he/she makes a visit to India (though the registration of Will is not mandatory).
Kindly go through this Economic Times article..
NRI should write two Wills, one for their local country assets as per local laws and another Indian Will for properties in India. Online Will is easy and practical, get print and signed by any two witnesses (even foreign nationals) with their details and passport number, this is called Concurrent Wills. A separate Indian Will can save Inheritance Tax on India assets, good tax saving for family of NRIs.
In our presence we “WILL”ingly distribute our assets to our loved ones.
But in case of our absence, the same can be done only with the presence of this “WILL”ingly written “WILL”.
Good article on an important document of our life. keep up your good work!
Sreedevi – Thank you for sharing your thoughts.
Thank you very much for covering almost everything regarding will. I am sure your readers will find it very useful. You must have taken lot of your hard work to collect and write comprehensively so much. If you can give a simple format wherein the Testator can simply write his personal details and details of assets to be passed on to his heirs can be mentioned, will be of immense help to everybody. Please try.
I appreciate your sincerity and hard work.
Thank you for your comment. I will try to write one more post on sample WILL format.