WHAT IS A WILL?
Will is a legal document by means of which a person distributes his estate to his heirs. In absence of a will, the assets of will be bequeathed as per the provisions of Hindu Succession Act 1956 for the Hindus, or the personal law of other religions, or the Indian Succession Act 1926. Hence, to have control of your assets, one must have a will.
A will can be treated as a secret document as per the wish of the testator. It is only executed after the death of the person who is making the will, who is known as the testator.
HOW TO START PREPARING A WILL?
Though, it is always advised to consult a lawyer before drafting a will, if you are preparing the will on your own, one should follow the steps that are mentioned hereinafter.
Firstly, you need to make a list of all the assets that you own. This will make it easy for you to refer to all the estate that you own. Moreover, the list can be divided into categories like Highly Valuable, Valuable, and less valuable.
Secondly, make another list of all the beneficiaries who are to bequest the said property in proportions.
Thirdly, calculate which assets are to be beneficial to who and make another list in a tabular format.
Fourthly, the testator should also make a list of all the commitments or liabilities that are yet to be discharged. A will can contain the obligations that are to be fulfilled by the testator.
These steps will make the drafting of the will easy and remove the ambiguities if any.
ADVANTAGES OF A WILL
A Will has many advantages let alone benefits. Some of the advantages are listed below:
- One has the freedom to dispose of his assets in time with his own thinking and perception.
- One has power and authority over the property. There is mobility in distribution of movable and immovable assets.
- By means of a will, one can reward a person.
- A will can bridge the gap between rich and poor legal heirs.
- Also, by means of a will, one can allocate property to one family member and then ask that family member to pay a certain amount to another family member on a monthly basis. This is called Annual Charge and it cannot be implemented in absence of the will.
- A will can also be useful in income tax planning.
DRAFTING OF A WILL
The will must specifically state the name of the testator, his age, father’s/ husband’s name, religion, occupation, mailing address.
The preamble shall state the date of the preparation of the will. This is important as the will is not an irrevocable document. If a subsequent will is made, that will be executed. The will with the last date shall be considered as the legal will.
Thus, the first paragraph must state that the present is the final and the last will of the person, revoking all previous wills. It is also to be mentioned that the will is created without any persuasion and coercion and out of free will.
One can also give the details of the previous wills.
The next paragraph provides the name of the person appointed as the sole executor of the will. There can be joint executors, in which case, both the executors share equal powers. Also, in the case of sole executor, a second executor must be mentioned if the sole executor predeceases the testator. Further, Rights and Liabilities of the executor need to be spelled out.
Next paragraph must state the broad details of the assets as they are on the date of the preparation of the will. Details of the movable property must be clearly spelt out. Meticulous detailing is to be done only where it is required.
Next paragraph must state the distribution of such assets amongst different members of the family. This can be done by allotting property item wise or by percentage distribution. It is pertinent to state that while drafting these clauses of the will, the abovementioned lists shall come handy.
Further, a declaration must be made in the will that after the demise of the person, all liabilities will be paid from the estate and then, the balance amount will be divided in accordance with the will.
Finally, the person must attest the document and two witnesses must also attest. This is necessary for the legality of the will.
IS REGISTRATION OF THE WILL NECESSARY?
The registration of the will is not necessary and is optional as stated under Section 18 of the Registration Act 1908. Registration of the will can be done before a sub-registrar or a notary public.
If you have to register the will, some space must be left at the upper corner of the will to attach a photograph of the testator. There are various advantages of registration of a will. A will cannot be destroyed, tampered, lost, or stolen, once registered. Also, the revocation of a registered will can only be done by registering the latter will.