Will he; Won’t he??
Greetings from WillEffect; we are back once again!
In this article, we share with you key factors to consider when drawing up a will. They are based on some of the frequently asked questions that have come our way.
If our earlier articles grabbed your interest, we are sure this will have you glued to your seat!
Is a will a legal document? If yes, does it have to be drawn on a legal paper?
While a will is a legal declaration of the one drawing it; it need not be on a legal paper. For that matter, the paper does not have to be even stamped or notarised.
When should I write my will?
Ideally; at the earliest possible. And, when you are of sound mind and body. In fact, you can draw up a will any time after you turn 18 years of age; the Constitution of India gives you the right to. There is no specific right age but events such as change in marital status, children, terminal illness etc. are some of the times it is important to write a Will. We recommend drawing up a will once you have ‘settled down’ and/or you take up a job or profession and have accumulated some assets which you would like to pass on to someone after you.
How many times am I allowed to change my will? Do I need to register it?
A will is a declaration of your wishes to distribute your estate after death; and you can change your wishes as many times as you wish. Hence, technically, you could re-write your will every time you have a change of mind. It is adequate to review your will at once every three years. It is not mandatory to register your will. A will is legally enforceable even without being registered.
Should the witnesses be a doctor and a lawyer only and should I disclose the contents of my will to the witnesses?
It isn’t necessary to have only doctors or lawyers as your witnesses. Any person other than the beneficiaries can be a witness. You need a minimum of two. Ideally, the witnesses should be younger than you, of sound mind, and someone from the same city or town for the sake of convenience. If you are a senior citizen, it is always helpful to have a doctor’s certificate stating you to be of sound mind and body at the time of writing of the will. The witnesses need not read the contents of your will, they are only witnessing your signature.
Do I need to appoint an executor? Do I need to seek his/her permission to take on the role?
It is always advisable to appoint an executor of your choice or the court will appoint one for you. The executor, too, should ideally be younger than you and someone from the same city or town for convenience. Any of the beneficiaries could also double as an executor. Oh, and do take the potential executor’s permission before naming him/her as one to avoid any issues in the future.
Do you have a nuclear family and wonder if you need a will? We will touch upon this in our next email. In the mean time, we would love to hear from you if you have any query or doubt. You could call us on +91 022 61471090 or write to us at support@willeffect.in.
Happy estate planning!
Maybe he will!
Where there is a Will……..
Dear Reader
We would like to introduce you to a secret that will enable you to fulfil your dreams.
And it is really quite simple. Honest!
Most of us have dreams that involve goals for ourselves and our loved ones– buying your own house, sending your child abroad for higher education, giving your children the destination wedding they have longed for, building a nest egg for retirement.
The list is as varied as it is endless. And it is delightful when we are able to fulfil those dreams!
However, sometimes, misfortune could strike and prevent us from doing so– something as grave as death. What happens then? How can you ensure that your efforts are not in vain?
While most of us plan for our future, we tend to miss out an important element that could help secure that future for us and our loved ones.
A will.
Drawing up a will not only addresses the above issues; but also helps you to transfer your assets, what you have worked for your entire life, to the right people in an efficient manner. And, there is no time like the present to do so.
Furthermore, it is not a hassle. It is quite simple; especially if you seek assistance from those who have experience in doing it.
At WillEffect, we are committed to making this experience hassle-free for you for a reasonable cost. We believe that you shouldn’t have to trouble yourself for securing what you have worked so hard to achieve. Where there is a Will, there is a dream to be fulfilled
Here’s to a secure future!
Make a Will, Nomination doesn’t cover all assets
Please click on the link below to read our article on why Wills are imperative despite having nominations on assets. This article appeared in the DNA dated 3rd May 2016.
http://epaper.dnaindia.com/epapermain.aspx?pgNo=13&edcode=820009&eddate=2016-05-03#
