We are now aware that nothing is permanent thanks to the pandemic. A sound succession plan for your assets in the event of your untimely death is just as important as choosing the best channels for investment. Middle-class families in India are quite sloppy when it comes to succession planning. They do not view it as a component of their financial planning. This essay focuses on the key elements of a will and shows how a straightforward will can spare your family from worry and conflict.
Even those who are blind or deaf can create a will with the help of a legal guardian. It may be typewritten or handwritten. To ensure a smooth transfer of assets after death, every person has to create a will. However, the following situations make planning a particularly crucial:
- If you think there might be a disagreement regarding your possessions after you pass away.
- If you want to give any of your possessions away to an organisation or somebody besides your family.
- If you have young children and wish to name someone to take care of them after you pass away.
Meanings of key phrases used frequently in the will
Most of the time, the legalese used in creating a will turns people off. Let’s define a few common words.
Let’s explain the following often used terms:
- The maker of a will is referred to as a testator.
- Executor: The person tasked with liquidating the estate’s assets, paying off its debts, and distributing the remaining net assets after the decedent’s passing. Usually a close family or confidant of the testator, this person is mentioned in the will.
- Legatee: The people designated as the testator’s heirs for his property after his death, or the beneficiaries under the will.
- A codicil is an additional document that the testator signs and attaches to the will. A codicil is regarded as a component of the will.
- Probate: The court certifies a copy of the will. serves as conclusive proof of the will’s veracity.
Creating a will
Most people assume that creating a will requires hiring legal counsel and paying a substantial charge for their services. It is utterly untrue. In essence, you can write your own will in the comfort of your home. It need just be written on plain paper and witnessed by two different people. The witnesses essentially attest to the fact that you prepared the will while you were conscious and in their presence.
A will cannot be said to have a certain format. Online, you can find a variety of templates that you can modify to suit your needs. You basically need to make a list of all your assets and liabilities, such as your property, bank accounts, stock portfolio, etc.
You must specify in the will who will receive each asset and, if there are many beneficiaries, their respective ratios. Additionally, a residual clause can be used to assign any assets not specifically listed in the will.
Will registration
It is a prevalent fallacy that in order for a will to be considered valid, it must be registered. The will does not need to be registered. In essence, registering will assist in proving its legitimacy in the event that it is contested in court. Therefore, it is wise to register a will if you believe there may be a dispute regarding its validity. You must go to the Sub Registrar’s office, together with the Sub Registrar, to register a will.
You must appear in person at the Sub Registrar’s office with the witnesses to have your will registered. Since a will is not subject to stamp duty, it does not need to be signed on a stamp paper. Once the will has been registered, you may store it with the Registrar in a sealed envelope that bears your name on it.
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