"A Will is not just a legal document; it's a legacy of love and foresight that ensures your wishes are honoured even after you're gone."
A “Will” is a legal document or declaration that individuals create during their lifetime to specify how their assets and properties should be distributed according to their wishes. By crafting a Will, individuals ensure that their heirs and survivors inherit the property as intended by the deceased.
In India, Wills play a vital role in facilitating the fair division of property within family members, avoiding disputes and legal battles. A professionally written Will can provide additional benefits such as clarity, legal expertise, and peace of mind regarding the accurate execution of your wishes.
Each family situation is unique, and one’s preferences may diverge from standard inheritance laws. A Will, being a legal instrument, allows individuals to specify their desires regarding estate distribution, taking effect upon the testator’s passing away.
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- What are the benefits of a Will?
- Ensures assets are distributed as desired.
- Consolidates asset information for family understanding.
- Prevents family disputes over property.
- Allows appointment of a guardian for minor children.
- Simplifies asset transfer, reducing paperwork.
- Provides for financially dependent non-heir relatives.
- What are the benefits of a Will?
- How is a Will prepared? Preparing a Will involves several key steps to ensure it accurately reflects your wishes and meets legal requirements. Here is a general guide on how to prepare a Will:
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- List all assets: Make a list of property, investments, bank accounts, insurance policies, personal items,etc..
- Choose beneficiaries: Decide who will inherit your assets, including family, friends, charities, and/or others.
- Select an executor: Select a reliable individual to oversee your estate, ensuring that the executor follows through with the deceased’s wishes as specified in their Will
- Choose a guardian:Choosing a guardian for minor children in case of demise of both parents.
- Sign with two witnesses: Sign your Will in front of witnesses as required by law.
- Registration:While not mandatory, registering a Will enhances its authenticity. The testator must personally appear at the registrar’s office with two witnesses, and a medical certificate may be needed.
- Store securely: Keep the original Will safe in a secure location like a home safe or with your advisor/attorney.
- Inform Relevant Parties: Make sure your executor, beneficiaries, and relevant parties are aware of your Will and where it is stored. Provide them with copies or instructions on how to access the document when needed.
- Review regularly: Check your Will often and update it after major life events like marriage, divorce, births or asset changes.
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