Thursday, 6 October 2011

Prepare your Will today itself to avoid confusion

Prepare your Will today itself, if you have not made a Will yet. Without a Will you cannot guarantee that your properties will be owned by your spouse or children after your death. You may think that you have nominated them for your deposits and bank accounts. But only a Will can assure that your wealth will be distributed among your beloved ones after your death.

A Will is a document which has your directions to the way of distributing your assets and belongings to whom after your death. In India a person with an age of 21 or more can make a valid will. A Will can be made in plain paper also. It is better to write yourself in your own handwriting than typing the Will or writing by anybody else to avoid disputes after your death.

Will must give a clear idea of your intention and you should write your name, address and your age to know that you are in sound situation when you write the Will. List out all your properties and investments and if possible mention the estimated value also. Mention your liabilities also to be paid off and how to pay off them. Give a clear idea of what proportion of which assets you wish to give whom. Write the name of those person you wish to give your assets other than mention “my spouse” “my elder son” etc. to avoid fake relatives.

Make sure in writing that you have revoked all other Wills you have made before this Will. Normally the last will is considered as the legal Will. Do not forget to sign the bill at the end and the end and both sides of every page with date and time. Get the signature of two loyal witnesses, who are not the beneficiaries of your will, on every page and end of the Will.

Appoint an executor who is a trusted person to do and ensure that the assets and belongings are divided properly as per your Will. Make a second executor also, if the first one died before you. Make provisions to charge all related expenses regarding the execution of your Will from your assets.

In India it is not compulsory to register the Will; just writing in plain paper with the signature of two witnesses is enough. However you can register the Will, if your wish to do so. You can keep the Will in a safe place, but you should make sure that the Will be found by concerned persons after death. Make two or more photo copy of the same and individually sign all copies and keep in various places.

When you write the Will you should mention your assets which have full ownership right for you. If you have shared ownership or lease hold you must mention the type of ownership and the percentage of your ownership to avoid confusion or dispute.

A Will is to avoid all confusion and disputes regarding the sharing of a deceased persons belongings. It should not make more confused and miserable. You must make the Will with justice also. We mean that giving a lion share to one son and a bad portion to other one without any particular reason. Even if it is your wealth, distribute among your beloved ones without any confusion. After the execution of the Will also, the love and consideration among your beloved ones should be continued.

If you have any doubt you can consult a lawyer. A Will must create love and care among relatives, not confusion and rivalry. You can make the Will with condition also. For example, if you have any liability, clearly state that who should pay off the liability and how. We hope that our readers will make a Will today itself to secure the life of your beloved ones.

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1 comment :

  1. [...] and show all the details and mention to whom your assets including insurance claim should be given. Read more about making a will in time. So keep an adequate sum of life insurance and update it time to [...]