Will: Why everyone should make it

A will, also known as a Vasiat in India, is an important document that ensures that our wishes regarding assets and property are followed after our death.

A will has no legal effect until the death of the testator. It comes into effect only when the maker dies. In lifetime of maker, it can be revoked, cancelled or changed to suit the circumstances.

Now let’s understand its importance from a maker’s point of view:

 

If we don’t make a Will then:

1. Our Property/assets will not be distributed as per our wishes, but will be distributed as per succession laws applicable to our community such as Hindu Succession Act, Muslim Succession Law etc.

2. Our property may go to the people whom we don’t want it to go

3. Our Assets can be divided unfairly

4. There might be disputes among our next generation.

5. The cost of transferring property may be high due to legal and other formalities.

6. If a will is not there, then beneficiaries might have to spend time, money and lot of effort to get it transferred in their name.

 

Now let’s understand the benefits of making a Will:

1. By making a will we can decide how our assets should be distributed after me.

2. We can decide who will take care of our minor/mentally challenged kids.

3. By making a will we can avoid lengthy court (probate) process.

4. We can add/remove people whom we want to give/not give our assets, who may otherwise get/don’t get based on succession laws.

5. We can choose the person who can execute the will fairly.

 

The important features/points while making a Will:

1. Name and address of the testator

2. Use of clear and unambiguous language.

3. Avoidance of conflict with rule of law.

4. Appointment of Executor

5. Details of all Physical, financial and digital assets to be passed on to the beneficiaries

6. Interest conveyed by will should be clearly defined.

7. It should have ‘Survivorship’ and a ‘Simultaneous Death clause’.

8. It should have a ‘No Contest Clause’

8. Each page should be signed by the testator and two witnesses.

9. It should be updated in regards to ‘Change in the family’, ‘Change of heart’ and Change of Assets’.

10. It should mention that the will is being made voluntarily and out of free will without any coercion or undue pressure.

11. Registration of Will is not compulsory, but advisable to avoid any conflicts in future.

 

We don't want that our assets  become a bone of contention to our future generations. Writing a will and having proper nominations in place may solve this and various other problems for our heirs. Every adult person more than 18 years of age having any assets should make a Will. It does not matter what age you are or the amount of wealth you possess.