What is a will?
A will is a legal document stating how your wealth should be distributed
among a set of people and under what conditions. It’s a way to document
your wish and give a legal framework to it. Note that you can divide only
those assets through a will that are self-acquired and earned by you. You
can’t give away something in a will if you have not earned it-like ancestral
property, which you got in inheritance.
Contents of a will
Some of the things that a will contains are:
• Personal Information like name, date of birth, address.
• Declaration of sound mind, stating that you are writing this will not under
pressure, but with your own understanding.
• Details of property and your investment details like insurance policies,
bank accounts, real estate, mutual funds, shares etc.
• Proportion in which assets are divided and parties to whom it should be
divided.
• Signature of the person writing the will and witnesses.
Basic rules for a will
I will share very simple things you should be clear about the will, which
you should know:
• A person should be above 18 years old to write a will.
• There is no fixed format for a will – you can write it on a plain paper.
• The registration of a will is not mandatory by law, but it’s recommended to
be registered.
• You can make changes to your will any number of times.
• The latest will shall be considered as the final will.
• A will should always be dated.
• 2 witnesses are required at the time of writing the will and their signature is required, ideally, they should be younger than the will maker and should be highly trusted.
• Ancestral property cannot be passed on by a will.
Good Habits while writing the will
• Ideally, a will should be written with double spaces (leaving one blank line
between two lines).
• Ideally if the person writing the will is above age 70, there should be a
certificate by medical practitioner that the person is fit for writing a will.
• Will writer should sign on each page with his left thumb impression.
• After mentioning all the legal heirs in the will, it’s a good thing to mention
additionally, that “I HAVE NO OTHER LEGAL HEIR”.
• Check if you can video graph the will registration process, so that there is no question on the authenticity of will.
