The days when only the rich and wealthy could write a will are long gone. Every individual above the age of 18, who has even a single property, must write a last will template, in order to distribute it as per their wishes.
Writing a will is a simple task that will save your dependants from lengthy court procedures. In the absence of a will, one’s estate, including property and assets, will be distributed or managed under court process as per the succession laws associated with their religion. This could easily take 6-12 months, with court fees and legal costs adding up to a few lacs.
Provided you can write in simple language with clarity and minus any ambiguity, writing a last will template is quite a simple activity. The language should be such that it doesn’t result in multiple interpretations after your demise, resulting in a dispute between your legal heirs and other family members. You can also take a lawyer’s help or contact online will writing companies who provide you with services that make will drafting simple, hassle-free, fast and affordable. Of course, you need to spend some time to think through some of the details of various movable and immovable properties, which you want to mention in your will. There is always a chance of missing out some details, so here’s a checklist and memory aid that tells you what info you should have in hand, before you set out to make a will.
As per Indian law, a will made on a plain paper, signed at any place in the presence of any two witnesses is 100% legal; strictly speaking, you don’t need to visit a court of law, or for that matter, any government office, to register a will. Contrary to popular myths, you don’t need to get a notary to attest your will. Also, you can get the will typewritten, or you can write the will by hand in any language.
You must be asking yourself “Once I make a will, can I make changes to it later? Or is it cast in stone?” This question often pops up in conversations with our clients. The fact is, a person can make a new will as many times as she/ he wants; or a person can make a few changes in the existing will in the form of “Codicil,” which is supplementary to the main will. In fact, we would recommend that you update your will or create a new one every 3-5 years, to reflect changes in wealth and property.
Do keep in mind that each time you make a new will, you must mention within the will that “This is the last will and all past wills, if any, to be treated as cancelled.” Because legally, only the last will is valid and it supersedes all other wills made prior to that.
For more tips on how to draft your own will in standard and clear-cut legal language in a few minutes, and ensure it covers all of your wealth and assets, do write to us. It will be our pleasure to answer your queries on how to draft a will.
To know more, please write to us at iwill@icicisecurities.com
