Many Indians dont have a will, which leaves them no say in what happens to their assets, when they die. In some cases no will means mess of legal uncertainingt, and dependents may inherit nothing.
Here are 10 important points that must be kept in mind while writing a will:
Be exact in will. Do not leave any room for interpretation.
Clearly write your name, address that you are of sound mind and mention that you are not writing under any kind of stress or pressure.
Dont leave too many surprizes. Communication before can manage expectations.
Be mindful of how your decisions might impact the beneficiary.
Make it legal, get it lawyered. Your Will should be Simple, Precise and Clear. Otherwise there may be problems for the legal heirs. It is always better to take the advice of a trusted advocate when writing your will.
Make it available.
If you are nominating an outside person to be the executor of your will, you must ask their permission first. If you have minor children, you must also indicate a guardian for them in your absence.
Will must always be dated. If more than one Will is made then the one having the latest date will nullify all other Wills.
A Will can be hand-written or typed out. No stamp paper is necessary. You can write a Will on a simple A4 piece of paper, sign and date it with witnesses and keep it in a secure location.
It is often recommended to write your Will in your own handwriting as this can be verified later if there are any doubts raised by relatives.
Each page of the Will should be serially numbered and signed by the Testator (that is you) and the Witnesses. This is to prevent the Will being substituted, replaced, or pages being inserted by people intending to commit fraud.
At the end of the Will you (the Testator) should indicate the total number of pages in the Will. Corrections if any should be countersigned.
If there are too many changes in the Will, it is better to prepare an entirely new Will rather than making modifications to an old Will.
A Will becomes operative only after the demise of the person making the Will i.e. the Testator. There is no restriction in the way you can deal with any assets even after making a Will.