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Do you or your parents need to write a Will?

What is a Will?
Do I need to have a Will?
What are the disadvantages of not having a Will?
What do I need to do to write a Will?
Is it recommended to get the Will registered?
How much time does it take to prepare a Will?
How much will this cost?
What is the best age to write a Will?
What if there has been a change in my assets since I wrote the Will?
Glossary of some common terms related to Wills

What is a Will?

During your life, you accumulate many assets. A Will is a document that clearly states what will happen to your assets after your death. In this document you identify which of your heirs or other parties will inherit your assets and in what proportion will they inherit.

The person who's Will it is is the Testator.

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Do I need to have a Will?

A Will can save you and your family members a lot of trouble and money.

If you do not have a Will, your property will be inherited by your legal heirs in accordance with the applicable laws of inheritance. These laws of inheritance might not reflect your intentions. Hindus, Sikhs and Jains, the laws of inheritance have been codified in the Hindu Succession Act 1956. For Christians, the Indian Succession Act 1925 applies. For Muslims, the laws of inheritance are based on their religious texts.

Additionally, if a person dies without a Will, then there could be fights and disputes among the different survivors of the deceased.

What are the disadvantages of not having a Will?

1. Your intentions will not be fully reflected in how your want your assets distributed after your death. In fact, many non family members might also lay claim on your estate and create a legal problem for your heirs
2. Your heirs will have many problems in transferring your demat account, mutual funds, bank accounts and fixed deposits in their names. Your heirs will not be able to get any dividends or interest income from your investments. In the absence of a Will, the process Of transferring these assets into your name can be very time consuming and costly
3. If you leave a leasehold property, then you need to get the leasehold mutated in your name. Again, this is a time consuming and costly process
4. If your assets get disputed after your death, you can get stuck in the judicial system for decades. 2.5% of your assets will be paid as court fees. Additionally, there will be extra expenses such as lawyers fees and the cost of your time Top

What do I need to do to write a Will?

Your Will can be drafted by a lawyer. The lawyer will need the following data and items:

• Your personal details
• A list and details of all your moveable property: e.g., cash, investments, jewellery
• A list and details of all your immoveable property: e.g., real estate
• Name of your heirs and beneficiaries
• The proportion in which your heirs will benefit
• Two passport photographs
• Two witnesses for attestation - these can be family members, but not beneficiaries

Download Wills Check-list from here

Is it recommended to get the Will registered?

Once the Will is drafted, it is highly recommended that it be registered with the Sub-registrar in the district courts. A registered Will is seen as more authenticated than an unregistered Will in case of dispute. At the time of registration, the Testator must be present in person, and there must be two witnesses. In certain Indian States, it might be mandatory get a Will registered. Top

How much time does it take to prepare a Will?

While it might take just a few hours to write a Will, the lawyer can take up to 4 weeks to get to the final draft the Will, such that you are satisfied that the document captures in full your intentions on how your assets should be passed on to your survivors. Thereafter, it can take another 2-4 weeks for the process of registering a Will at the District Court because of all the running around involved.

How much will this cost?

The total cost can be approximately Rs. 10,000 to Rs. 12,000 plus service tax, including preparing the final draft, the cost of registering the Will and the associated fees.

While this cost might seem high, it is very small compared to the fees that your heirs might have to pay if you die without a Will. Top

What is the best age to write a Will?

No one has seen the future - death can occur at any time. Anytime you have a substantial amount of assets and dependants, it is recommended that you write a will.

What if there has been a change in my assets since I wrote the Will?

A Will can be updated for your latest situation, like adding new assets or disposing some assets. However, the process described above will need to be followed to ensure that you or your heirs do not face a problem

Glossary of some common terms related to Wills

Will: A form of instructions as to how someone wishes to dispose of their assets on death.
Beneficiary: A person or entity named in a will or a financial contract as the inheritor of property when the property owner dies.
Executor: A person appointed in the Will to administer the estate, i.e. to carry out the directions of the will.
Guardian: Someone appointed to look after the interests of a child under the age of 18.
Life Interest: The right to enjoy for life (or until a specified time period has elapsed or an event has occurred, like someone remarrying) either money or property which will eventually revert to the original estate in some way on death. Instructions are included in the Will as to what should happen to the gift when the life interest ends.
Movable Property: Anything other than buildings or land.
Testator/Testatrix: The person (male/female) who makes the Will.
Immovable Property: Freehold or leasehold property.
Witnesses: Persons who must be present to see the testator sign the will. They must also sign the will themselves and should not be one of the beneficiaries.
Administrator: A person appointed when either no Will can be found or there is no executor to carry out the intentions of the Will. Top

Checklist For Preparing A Will

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