Planning to Retire early? Don’t forget to do this!
- December 8, 2021
- Posted by: MvM Team
- Category: Retirement Planning
What is a Will?
A will is a document that ensures that after your death; your assets get passed over to the people that you wish to. A will helps in setting off the assets after the individual’s death without any legal hassle.
The minimum age for making a will is 21 years.
Why should I make a will?
- A will decides how your assets are divided between your legal heirs, with your authority. In the absence of a will, it is the court who decides the beneficiaries of your assets & the assets may be passed on to someone who might not have been on your wish
- When you make a will, an executor is appointed by you to clear your assets. You can choose a person who can effectively settle everything and without bias.
- Will allows the executor to liquidate your assets in a much faster way. In the absence of a Will, liquidation process takes a long time.
Important terms to understand:
Testator | Owner or the person who has got the will made |
Executor | Person appointed by the testator who settles all the assets of the testator after his death |
Beneficiary | Person who inherits the assets of the testator. |
Probate | Copy of the will validated by the court as the last will |
Factors to be included in the will
1. Personal information of the testator
2. Self-Declaration that the testator is in sound mind
3. Complete details of the assets of the testator
4. Appointment of the executor
5. Executor of the will cannot be the beneficiary of the will
6. List of all the beneficiaries
7. The beneficiary should neither be a witness nor executor
8. Clause for any assets uncovered in the will
9. Two witnesses should be present and must sign the will along with the testator
10. A doctor is the most preferred person as the witness
11. Declaration by witnesses
12. No correction in the will
13. A custodian should be declared in case the beneficiary is minor
How to make a will?
Well, you can pick a white paper and start writing your will. Yes, it is that simple. No stamp paper, no registration. But getting a will registered is advisable as it acts as an assurance that the concerned parties appeared before the registration officer along with witnesses.
You should follow following steps to get a registered will:
- Draft the will after consulting a lawyer.
- Book an appointment at the registrar office/sub-registrar office
- Pay the requisite fees
- Visit the office with the two witnesses
Although, it is not mandatory to register will in India though it is advisable to do so to avoid future legal hassles.
How to register a will online?
- Register online on the portal
- Fill in all the details of the assets & property
- Pay the requisite fees
- The final draft by a legal team will be sent to you
- Sign in front of the witnesses
- Registration
Types of Will:
Type | Definition |
Privileged Will | It is created in writing or by word of mouth to give special privileges to a soldier, an airman, and a mariner at sea level engaged in actual warfare. If the person has written the will, then it need not be signed by him. |
Conditional will | It comes into effect, only if, a specific event occurs. |
Joint Will | When two or more people agree to make a combined will. A joint will is created, to be exercised after the death of all the testators. It can’t be revoked by one testator if other testators are alive. |
Mutual Will | When two people agree to make a will with specific terms. The testator makes the other person his beneficiary. Terms of the will remain irrevocable even if the testator dies. |
Duplicate Will | When you make two copies of a will, then it is called a duplicate will. The testator keeps one copy of the will and the other copy can be kept safe. If one copy gets destructed, then the other copy will be revoked. |
Holograph Will | A will that the testator writes by himself. Such a will create a good impact as they are handwritten. |
Concurrent Will | Sometimes people make different wills for their assets for different geological locations. Such a will is known as concurrent will. |
