When it comes to securing your family’s future and ensuring your wishes are respected, making a will is a fundamental step in estate planning. In India, however, the importance of making a will is often overlooked. A large portion of the population does not engage in this crucial process, leading to a staggering amount of unclaimed assets and potential disputes among family members. In this comprehensive guide, we will explore how to create a will in India, providing valuable data and insights to underscore its significance.
Understanding the Importance of Making a Will in India:
A will is a legal document that specifies how a person’s assets should be distributed after their death. Shockingly— a study reveals that less than 10% of Indians have written a will, compared to around 46% in the United States. This has resulted in approximately 50,000 crores worth of unclaimed assets sitting with the government.
Moreover, a properly drafted will help prevent family disputes and ensure a smooth transfer of assets to the rightful heirs. In the following sections, we’ll outline the steps involved in creating a will in India, providing you with all the information you need to get started.
Steps to Make a Will in India
- Determine Your Assets: Start by making a comprehensive list of all your assets. This should include properties, bank accounts, investments, and personal belongings. Having a detailed list will help you clearly outline what is to be distributed among your beneficiaries.
- Appoint an Executor: Select a trustworthy person to act as the executor of your will. This individual will be responsible for ensuring that your wishes are executed precisely as stated in your will.
- Specify Beneficiaries: Clearly identify the beneficiaries who will inherit your assets. Include their full names and addresses, and specify the exact share of each asset they are to receive to avoid any confusion or disputes.
- Draft the Will: Write the will in clear and precise language detailing the distribution of assets, the executor’s details, and any specific instructions related to the assets. The will must be signed by you (the testator) and witnessed by at least two individuals who are not beneficiaries.
- Ensure Legal Compliance: Make sure the will adheres to the requirements set out in the Indian Succession Act of 1925, which governs the creation and execution of wills in India.
Is Registration of will necessary?
Although not mandatory, it is advisable to register your will with the local registrar. This step adds an extra layer of authenticity to the document and can help prevent potential legal disputes in the future.
Legal Requirements for Creating a Will in India
- Age and Capacity: The person creating the will (the testator) must be at least 18 years old and of sound mind to ensure they fully understand the implications of their decisions.
- Witnesses: The will must be signed in the presence of at least two witnesses who also sign the document. These witnesses should not be beneficiaries to avoid any conflict of interest.
- Free Will: The will must be made voluntarily, without any coercion, undue influence, or pressure from others, ensuring it truly reflects the testator’s wishes.
Benefits of Having a Will
- Prevents Disputes: A clear and legally binding will help prevent family disputes by explicitly stating how assets should be distributed according to the testator’s wishes.
- Protects Unclaimed Assets: Having a will reduces the chance of assets becoming unclaimed or being misused by distant relatives or creditors, ensuring they are allocated as intended.
- Ensures Care for Dependents: A will allows you to appoint guardians for minor children and specify provisions for dependents, ensuring they are taken care of after your death.
To Sum up on ‘How to Make a Will in India’
Writing a will in India is a vital step in safeguarding your assets and ensuring that your wishes are respected after your death. Despite the low percentage of Indians who write wills, the process is straightforward and can prevent significant legal and familial issues. By following the outlined steps and ensuring compliance with legal requirements, you can create a valid and enforceable will. Consulting a legal expert can further ensure that your will is comprehensive and free from potential challenges.