The Will Guide: Your Legacy Made Easy

Navigating the complexities of estate planning, especially in India, can be a daunting task. As you approach retirement age, ensuring that your assets are distributed according to your wishes becomes increasingly important. Whether you're a resident senior citizen, an NRI (Non-Resident Indian) managing Indian assets, or a professional seeking clarity on Indian will-making procedures, we’ve got you covered.

What is a Will?

A will is a legal document that expresses your wishes to distribute your assets, including property, investments, and belongings after you pass away. It ensures your loved ones receive their inheritance according to your plan, minimising confusion and potential disputes.

Types of Wills:

• Privileged Wills: When soldiers are on active duty, they are given the option to create less complex wills with fewer formalities. This is to ensure that making a will is easier for them, given that they may not have access to the usual resources available to them in a civilian setting.
• Unprivileged Wills: This is a standard legal will commonly used by most civilians to ensure that their assets are distributed according to their wishes.
• Contingent Wills: The Contingent Wills will only be activated or implemented if a particular requirement or circumstance has been satisfied.
• Joint Wills: In a scenario where two individuals create a will in partnership, the terms of the will only come into effect after the first person's passing.
• Mutual Wills: In legal terms, mutual will refers to a scenario where two individuals have designated each other as beneficiaries in their respective wills. However, they reserve the right to change their minds and withdraw the bequeathed assets at any point in time. This provision gives them the flexibility to modify their estate plans as per their changing circumstances or wishes.
• Concurrent Wills: Concurrent Wills refer to having separate wills that address assets located in different countries and can help ensure that all of your property is distributed according to your wishes and the laws of each respective country. By creating separate wills, you can avoid potential conflicts of law and simplify the probate process for your beneficiaries.
• Duplicate Wills: Identical copies of a will for safekeeping.
• Holograph Wills: Entirely handwritten, signed, and dated wills.

Why Seniors Need a Will:

• Peace of Mind: Having a clear and well-documented understanding of your wishes can provide a sense of security and assurance, as it helps to avoid any potential conflicts or misunderstandings that may arise among your loved ones in the future. Knowing that your wishes have been properly recorded and communicated can bring you and your family peace of mind and help ensure that your desires are respected and honoured.
• Clarity & Control: As an individual, you have the power to determine who will receive your assets and how they will be distributed after you pass away. This means that you can choose to leave your property, money, and other valuable possessions to your loved ones or to charitable organisations according to your preferences and wishes. By making a clear and detailed plan for your estate, you can ensure that your assets are distributed fairly and in a way that aligns with your values and priorities.
• Minimise Disputes: A well-defined and unambiguous will significantly minimise the possibility of miscommunication or discrepancies between the beneficiaries, thus avoiding any legal complications or disputes that may arise.
• Appoint Guardians: It's important to include a provision in your will to nominate suitable guardians who will take care of your minor children in case of your untimely demise. This provision will ensure that your children are raised in a safe and loving environment by people you trust and prevent any disputes or legal battles over custody. Therefore, take the time to carefully consider your options and consult with a legal professional if necessary to ensure that your wishes are clearly stated and legally binding.

Who Can Write a Will?

In India, individuals who are of sound mind and are either above 18 years of age or legally emancipated minors have the legal right to create a will. A will is a legal document that outlines how a person's assets and property will be distributed upon their death. You can either write your own will, which should be clear and unambiguous, or seek the guidance of a lawyer to ensure that your will is legally valid and comprehensive. It is important to note that a will can be changed or updated at any time during the individual's lifetime.

How to Make a Will: A Step-by-Step Guide

1. Decide on Beneficiaries: One crucial step in making a will is determining the beneficiaries who will inherit your assets after you pass away. Identifying the individuals or organisations you wish to bestow your assets and ensuring your wishes are accurately reflected in your will is important.
2. Gather Asset Information: Gathering information about your assets would be helpful. This should include a comprehensive list of all your assets, which may consist of your property, bank accounts, investments, and any other valuable items that you own. This readily available information can help you better manage your finances and plan for the future.
3. Choose an Executor: It's important to carefully consider who you would like to appoint as the executor of your estate. This individual will manage your assets and ensure they are distributed according to your wishes as outlined in your will. Choosing someone trustworthy, reliable, and capable of carrying out these important responsibilities fairly and effectively is crucial. By carefully selecting the right executor, you can have peace of mind knowing that your estate will be managed and distributed exactly as you intended.
4. Write the Will: When creating a will, it's important to be clear and thorough. Start by identifying your beneficiaries and outlining how you want your assets to be distributed. It's also essential to appoint an executor responsible for your wishes. Make sure to provide detailed instructions for your executor to help ensure that your final wishes are respected and your assets are distributed as intended. Taking these steps can help give you peace of mind and ensure that your legacy is protected.
5. Sign and Witness: To ensure the legality of your will, you must sign it in the presence of two witnesses. These witnesses should also sign the document and provide personal details to confirm their identity. This process helps to ensure that your will is recognised as valid and enforceable under the law.
6. Register the Will (Optional): Adding your will to the sub-registrar's office registry enhances its security and reduces the likelihood of a successful challenge.
7. Review and Update: It is crucial to review your will periodically to ensure that your final wishes are carried out smoothly. This is particularly important after significant life changes, such as getting married, having children, or acquiring new assets. By doing so, you can ensure that your estate is distributed according to your wishes and that your loved ones are cared for in the way you intend. Don't wait until it's too late; keep your will up-to-date with the necessary revisions.

Key Factors for Seniors to Consider When Making a Will

• Digital Assets: Include instructions for handling digital assets like online accounts or social media profiles.
• Family Dynamics: Address complex family situations (blended families, estranged children) to minimise disputes.
• Charitable Donations: Specify any charitable contributions you wish to make.
• Tax Implications: Be aware of potential tax implications on inheritance, especially for high-value estates.
• Medical Care Decisions: Consider including an advanced directive outlining your wishes for end-of-life medical care.
• Guardian for Minor Children: Nominate a guardian to care for minor children in the event of your passing.
• Updating Beneficiaries: Regularly review and update your will to reflect changes in your life, such as births, deaths, marriages, or new beneficiaries.

FAQs on How to Create a Will in India

• Who can create a will?

A) In India, anyone who is 18 years old or older and is mentally capable can make a will.

• What happens if I pass away without a will?

A) If you die without a will, your assets will be distributed according to the law, which can cause delays and disagreements among your family.

• How can you make a will without a lawyer in India?

A) You can write your own will, but it's a good idea to get a lawyer's help to make sure it's done correctly and legally.

• Is it mandatory to register a will?

A) Registering a will is not required by law, but it can make it easier to enforce and prove its validity later on.

• Can a will be altered, revoked, or revived?

A) Yes, you can change or cancel your will by making a new one. Under certain circumstances, you can also bring an old will back into effect.

• Can a will be challenged in court?

A) Yes, people can contest a will in court if they believe it's unfair or invalid. That's why it's important to make sure your will is clear and well-written.

• What is the validity of a will deed in India?

A) A will is valid for 100 years after the person who made it passes away.

• Who can cancel or revoke the will?

A) The person who made the will can cancel or change it at any time.

• What are the eligibility criteria for creating a Will?

A) To make a will, you need to be at least 18 years old and mentally sound.

• Where to keep the will?

A) Store your will in a safe place where your chosen executor can find it easily. You might also consider using a lawyer's storage service for added security.

• Is it legal to write your own will?

A) Yes, as long as you follow the proper rules, a handwritten will can be legally valid.

• How much does it cost to make a will?

A) Hiring a lawyer to help you make a will in India typically costs between ₹10,000 to ₹15,000. This covers the lawyer's fees for drafting the document. There may be additional fees for registering the will, depending on where you live.

• Do my spouse and I need separate wills?

A) It's usually a good idea for spouses to have separate wills, especially if they want to distribute their assets differently.

• Which documents are required to create a will?

A) You don't need any specific documents to make a will, but it's important to make sure it's clearly written and properly witnessed.

• If I have nominees, do I require a will?

A) While nominees receive specific assets, having a will allows you to control the distribution of all your assets, which can be important regardless of nominations.