- Date : 09/03/2023
- Read: 4 mins
The span of our lives nowadays is much shorter than expected due to the lifestyle that we all have. Keeping this in mind, writing a property will in India or another will become significant for our successors and us. Some multiple legalities and rules have been implemented over the past few years concerning one’s will that everyone does not usually know. Individuals must remember these things to minimize common mistakes while writing a will, such as selecting an executor, finding witnesses, listing the beneficiaries, and updating the will on time.
A Will: 8 significant tips to consider before writing one!
A will is a legal document in India that allows individuals to decide how their property, assets, and money should be distributed after death. It is a written document prepared and witnessed by two or more people, and it must follow the Indian Succession Act of 1925. A will in India can also include instructions for the care and well-being of children and dependents. All individuals over 18 can make a will in India, and it must be updated regularly to reflect changes in the individual’s life. Otherwise, the registered will can be challenged to be invalid. A will is an important document that can help protect the rights of those left behind and ensure that the deceased’s wishes are carried out.
Also Read: Importance of women having will!
The importance of a will in India cannot be understated. It is important because it allows individuals to ensure that their assets are distributed according to their wishes and not by the government or other parties. Having a will also help make the process of estate administration smoother and easier for the appointed executor. Without a valid will, the executor may have difficulty determining the deceased’s wishes and may be unable to distribute assets according to the deceased’s wishes. In addition, a will helps avoid disputes among family members over the distribution of assets, as the deceased's wishes are clearly outlined in the document.
Furthermore, having a will can help reduce the taxes due on the estate when it is distributed. Certain tax exemptions are available in India when a will is in place. An individual can take advantage of these exemptions to reduce the overall tax burden on the estate. Finally, having a will in India is important for those who wish to ensure that their assets are not subject to the Indian Inheritance Law. Indian Inheritance Law states that the government has the right to claim the assets of a person who died without leaving a will, and those assets are then distributed according to the government's rules. By having a will in place, individuals can ensure that their assets are distributed according to their wishes and not the government.
1. Choose an Executor: Your executor is the person who will be responsible for carrying out the instructions in your will. Choose someone you trust who is responsible and willing to take on this important role.
2. Include Beneficiaries: People who will receive assets or money from your estate. Make sure to include their full name and address.
3. Specify Your Assets: This includes any property, investment accounts, personal belongings, etc., you own. List them all and provide specifics like account numbers and titles.
4. Appoint a Guardian for Your Children: If you have minor children, appoint a guardian to care for them during your death.
5. Provide for Pets: If you own pets, you can include a provision in your will for their care. This could include naming a guardian and setting aside funds for their care.
6. Incorporate Funeral Arrangements: Include any details you would like for your funeral service.
7. Sign and notarize: Make sure to get your will notarized and signed by two witnesses.
8. Store It Safely: Store your will in a safe and secure place your executor can access.
Also Read: Steps to Becoming Financially Independent!
Writing a will in India on your own or with a professional’s help can be stressful, so one should keep going through the process to avoid any common mistakes while writing a will. Aside from that, they can follow some guidelines, such as having a notarized will, selecting beneficiaries and an executor, and having witnesses ready beforehand.