WILL - How to Write an Effective WILL - Important Facets about WILL

Will & Important Facts about it

What is a WILL?

A will is a legal document stating what happens to a person’s money or property after death.

Importance of WILL

If a person has not prepared his WILL and has died, a family dispute regarding the distribution of property may occur. In the absence of a will, any unknown person can capture or occupy your property illegally. Similarly, if a person wants to specifically exclude someone from the WILL, he or she can do so by creating a will. However, to be fair, one must give a reason for exclusion.

Things Included in a WILL

Self-owned moveable properties such as Cash, Domestic goods, Bank deposits, Provident funds, Shares or partnerships in a Company. Self-owned immovable properties such as Land, Houses, shops, Farms, etc. Any moveable or immovable property inherited from ancestors on your name to the share which a person has inherited. Also, properties like trademarks, IPR, Copyrights, and Digital Properties can be given in a will to the beneficiary.

When to Prepare a WILL

In the past, it was thought that a WILL was unnecessary until a person has reached an advanced stage of life. However, in current times, it is advisable to prepare a will for all ages. I recommend that every adult person have a WILL, which shall be updated with the change in circumstances and properties owned by the person. More so, if a person suffers from serious health problems, is undergoing court cases, and is likely to face dangerous situations, he must have a WILL.

The best way to prepare a WILL

There is no set form to prepare a WILL. One can write a WILL on a plain paper also. It is advisable to write your WILL in your handwriting or get it typed and then sign it in the presence of the witnesses. Identify and describe the person and relationship to whom you are transferring your properties. You should include all your properties in your WILL in order to avoid any family dispute later on. If you have any joint property with your partner, you can prepare the WILL for your share of property only. Partner has the right to prepare a Will for his share of property. If both the partners are equal shareholder of the property, one partner can prepare his Will for 50 percent of the property.

One can write his WILL in any language without a set format. If the WILL is registered, the Stamp duty is not payable based on the value of properties, but there is a fixed charge for the same, which varies from state to state.

One can make changes in the Will at any time and as many times as necessary. If your Will is prepared for more than one page, it is advisable that you and two witnesses sign all the pages.

Full Proof Way

• Step 1: Make a list of all your properties and think carefully about how you want to distribute your property.
• Step 2: Write on plain paper or get it typed or written through the scribe that in your complete senses, you are announcing that after your death, you are transferring your property to what share and to whom.
• Step 3: Choose two witnesses who are familiar with your handwriting and signatures.
• Step 4: Every page of the Will should be signed by you and both the witnesses, along with thumb impressions.
• Step 5 (Optional): Get your will registered at the sub registrar’s office and enter it into his register.

• Optional: It is better to video record the whole process of preparing the Will. It is not mandatory in Law.

Cases in which Will should be re-prepared

• A will can be re-prepared as and when circumstances change, a new beneficiary is named, etc. You can create a new will. It is necessary to mention that the previous will (s) stand cancelled.
• If the person whose Will is prepared and its witness die simultaneously, their handwriting is the only evidence left. In such a case, try to find a person who can recognize the handwriting and signatures of the person whose Will is there and its witnesses.

Whom to Choose as a Witness

• A very trustworthy person should be selected as a witness.
• Any person who is getting some share in your property shall not be chosen as a witness.
• Witness should not be benefitted in any manner from the Will.
• A witness should be mentally fit & stable and he should be in his complete senses.
• Both the witnesses should be less than the age of the person preparing his will.
• If the witnesses chosen to happen to be a Lawyer and a doctor, nothing like that as a doctor can prove that the person while preparing the will was fit and in his complete senses. Lawyer can prove that the person preparing the will has done everything under legal guidance.

Also, According to Indian Law, a person from any religion or language can prepare his Will. But if the Will is not prepared, one has to go to Court for the distribution of property. The Court will decide, keeping in mind the Law of their religion. In such cases, people following Hindu Religion will come under Hindu Law. People following the Muslim faith will come under Shariat Law. Non Hindus and Non-muslims will fall under the Indian Section Act. If any person is against the Will and knocks on the door of the Court, then the Court will investigate the whole matter. You can also transfer your property to a trust. This will benefit you by giving you a rebate of Rs. 1.5 Lakhs in the form of Tax. While building a trust, you must mention who the trustee is and who the successor is. The Will prepared in the name of the Trust can be cancelled or changed. The Trustees are responsible for taking care of the Trust, and the income generated from the Trust will be handed over to the successors. Please Note that the successors cannot be the trustees of the Trust. If any person, while taking his last breath, announces his possessions & properties verbally, then with mutual consent, the successors can distribute them peacefully. The Law will not interfere in between. The Law only comes into action at the time of any dispute. Common Mistakes

Ignorance of Life Partner

In many cases, it has been observed that Husbands distribute all of their property to their children, ignoring their wives. It is advisable not to do so, as the wife may suffer after the husband’s death. Both husband and wife should prepare their Wills in each other’s name.

Distribution of Properties While alive

Many People Divide and distribute their possessions and properties to their successors while they are alive. Never do this.

Unregistered Will

Many people need to register their property and think that the registration expenses will be according to the total cost and will be too high. But this is not true. No matter your total property cost, the registration expense is Rs. 23, which must be deposited at the Registrar’s Office.

Hiding of Complete Particulars & details of Property

Some people are hesitant to provide complete details and particulars of their properties and possessions to the Registrar’s office. They may be hiding their black money. But it is advisable to mention the complete details of all your properties and possessions in your Will. An Incomplete Will is only preferable until it is not challenged by anyone. It may create disputes later on.

Illegal Will

The person preparing the Will should always mention in his Will that “Any of my Will which is unregistered will not be valid”.

Purchase of Properties after the Will is made.

Many people may forget or intentionally do not mention the properties they purchased after preparing their Wills. It is advisable to write in your Will that “from the time of preparing this Will till the time of death if I am buying any other property, then that share of the property will be given to …..” Or an addendum can be added later.

Disclosure of your Will to your Family

Do not disclose anything about your Will to your Family. This may disappoint the person receiving less out of the Will, and he/she may force you to change your Will.

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