Introduction To What Is A Will ?
A will is a legal document that spells out your wishes regarding care of your children, as well as distribution of your assets after your death.
Everyone requires a will. So everyone should know about what is a will ? This is because it is important that prudent measures may be taken by one to secure not only his/her financial affairs but also ensure that the rights which one may have regarding his/her assets, vest in favour of the persons desired, after his/her demise.
The following are the benefits of making a WILL:
1. The creation of a Will helps one secure his/her financial interests and distribute the assets (both movable and immovable) amongst the legal heirs to ensure that the legal heirs are not left contesting the claims over the assets.
To that extent, Will may also be helpful to legally protect one’s assets, as well as safeguard the rights of his/her legal heirs, which may or may not include your blood relations and minor children.
2. More importantly, a Will also enables one to disinherit the individuals who would otherwise stand to inherit the assets, which may otherwise not be possible, if one dies intestate.
3. Through the creation of a Will, one may also be able to ensure that gifts/donations/ contributions are made in respect of such benevolent social causes, which one may espouse.
A Will may be delineated as a legal declaration of the intention of testator with respect to his/her property which he/she desires to be carried into effect after his/her death.
4. The Will can be modified and even revoked by the person executing it at any point during his/her lifetime. One can make a Will as many times as one likes, but only the last Will, executed before the testator’s death, is enforceable.
Although in India, the registration of a Will is not mandatory, in the event registration of a Will is desired, the same can be presented for registration subsequent to the execution by the testator, of after the demise by the executor of the Will. At least two witnesses are required to attest the Will.
Very few people in India think about will-making as part of their financial planning. This is perhaps because India is a young country where the median age is less than 30 years. Pandemics such as the Coronavirus leave us with a sense of vulnerability. No wonder sales of insurance products have increased manifold. A will should fall in the same category. It costs very little to make one and can be done quickly from the comfort of your home.
A Will can be executed on a plain paper and remains fully valued even if unregistered. It is not compulsory to register it under law. However, that does not stop a person from registering the same simply to put an end to any doubts raised over its authenticity. The registration may be done at any point even though the will itself may be made earlier.
In summary, while we live in uncertain times, making a Will may be beneficial to ensure that you assets are dealt with in the desirable manner after your demise.