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.
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, 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.).
The process of writing an e-will is almost similar with all the service providers.
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:
Important points to be noted
Below are few important points to be considered while writing your Will (or) while filling in your details online.
(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 :
This post was last modified on July 10, 2023 11:48 am
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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,
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.
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?
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
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.
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 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
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.
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 :)
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
It is advisable to cover all names / facts when you write a Will later you may do required changes
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.
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.
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 Prem,
Suggest you to opt for online WILL writing service or consult any lawyer to get this done.
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.