Why should you make a WILL ?

How should you make a WILL ?

Whom should you give it to ?

Should you register it ?

Should it be on a Stamp Paper ?

How many witnesses ?

Should you seal it ?

You should make a WILL to bequeath, distribute and share your hard earned wealth and painstakingly acquired property or investments to your beloved ones in the proportion you desire.

It helps to avoid bitter legal disputes and hassles after your demise or untimely death - and trust me both come totally unexpected.

Two recent incidents opened my eyes to this much ignored and 'avoided' document. A certain lady lost her Father-in-law, her mother-in-law and her husband all within a span of about 20 days. She along with her two sons reside in a Flat which was owned by her Father-in-law, who did not leave a WILL behind. This flat has proper nomination in her favour but you will all be surprised to learn that mere nomination is of no value.

Nomination only entitles you to be a 'caretaker' of the property till such time as the will is produced or the estate of the deceased appropriated. Please do remember that nomination in Bank accounts and investments such as Shares, stocks, fixed deposits, post office deposits, insurance policies, RBI bonds, etc are extremely essential, VITAL and compulsory and are better than making a WILL, because in these areas, nomination will allow for immediate transfer of your monies into the name of your nominee without any legal hassles (unlike property where it is just a formality and not worth more than toilet paper) And please note that WILL needs to be probated in a Court Of Law after the demise of the WILL writer.(its a long process but mandatory) As per the Hindu law of succession, each and every surviving direct descendant of the deceased is entitled to equal share in the property.

Which means the spouse and children are equal right-holders to the estate of the deceased.

How to make a will : Contrary to what most are wary of, A WILL can be made on a plain piece of paper (No Stamp paper is required) in simple language (your own mother tongue is good enough) and clearly legible and well defined ( a sample is produced at the end of this review) It must be signed on each sheet (if there are more than one sheets) and must bear the signatures of two independent witnesses (preferably un-related and who will probably live longer than you so as to testify to its authenticity-just in case along with their addresses) You should place it in a simple envelope and seal it with instructions to be opened only in the event of your demise. A will need not be registered. It is better if you do so, but not at all essential.

Where to register ? It si registered at MHADA in Bandra (East) and you will need a lawyer or legal counsel for the same. A will does not require to be written or typed on a stamp paper. Plain paper will do.

You need minimum two witnesses to sign. Recommended witnesses are your lawyer and doctor.

A WILL is always something that shares your innermost secrets so it is better to seal it and keep at least 3 copies, one with the person whom you trust will bring it out after your demise, one with the person whom you wish to bequeath your maximum estate (most probably your spouse or children) and one extra with another well wisher(just in case)

An executor is the person who will execute your will or fulfill its requirements as prescribed by you, like maybe sell of your property or encash your investments and distribute the proceeds in the proportion mentioned by you.