What happens to everything you own after you die? Without a will, your life’s work could be lost or fought over. A will is your voice when you’re gone. It protects your family, saves them from fights, and ensures your wishes are followed. Writing a will is one of the most important things you can do for those you love.
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A will does three key things:
- It clearly states who gets what.
- It protects your family from legal battles.
- It ensures your children are cared for.
With a will, you decide who handles your assets and how. You can name guardians for your kids and set aside money for their future.
What is a Will?
The definition of a “Will” can be found in the Indian Succession Act of 1925, which applies to wills made by Hindus, Sikhs, Christians, Jains, and Buddhists.
Section 2(h) of the Indian Succession Act defines a will as follows: “Will means the legal declaration of the intention of the Testator with respect to his property which he desires to be carried into effect after his death.“
In simpler terms, a will is a legal document where a person declares their intention to transfer their property to another individual, who may or may not be a legal heir. A will only take effect after the person’s death. While the person is alive and capable of managing their property, they can change or revoke the Will at any time.
Importance of Writing a Will in India
Writing a valid will is essential. One of the key benefits of having a will is the ability to plan for the care and financial security of minor children or dependents. Without a will, the courts decide how funds are allocated and who will become the guardians in the event of the parent’s death. However, a will enables parents, or a single parent, to designate guardians and allocate funds for their children’s future. Will also serves a crucial purpose by clearly distinguishing between a nominee and a beneficiary. The nominee temporarily holds the property until it is distributed according to the Will, while the beneficiary is the one who ultimately receives the property. A will allows the testator to efficiently appoint a nominee for asset distribution.
Essential Elements of a Valid Will
While a will does not need to be made on stamp paper, certain key elements must be included to ensure that it holds up legally in case of any disputes. These essential elements are:
- Age & Capacity:
- Section 59 of the Indian Succession Act 1925 states that a will is invalid if it is made by a person who is not of sound mind or is a minor.
- The person making the Will should be at least the legal age of majority, i.e., 18 years, and should be of sound mind.
- A sound mind implies that the person making a will must have sufficient mental capacity to understand their actions.
- Clear Intent:
- Section 61 of the Indian Succession Act declares that if a will or any part of it is obtained by fraud, coercion, or undue influence, it is void.
- The document must clearly state the intention of the person making the Will.
- Writing:
- The Will must be written, not oral.
- Many jurisdictions require it to be handwritten or typed, though some accept wills typed and printed by others if signed by the testator.
- Signing the Will:
- The Will must be signed in accordance with Section 63 of the Indian Succession Act.
- The person making the Will (the testator) must sign it or place a mark on it.
- Alternatively, someone else can sign the Will on behalf of the testator, but this must be done in the testator’s presence and with their permission.
- The signature or mark must be placed in a way that clearly shows the testator intended to make the document a valid will.
- Witnesses:
- According to Section 63, the Will must be witnessed by at least two people.
- Each witness must either see the testator sign or mark the Will, see someone else sign it on the testator’s behalf, or hear the testator acknowledge that the signature or mark is theirs.
- Every witness shall sign the Will in the presence of the testator. However, it’s not necessary for all the witnesses to be present at the same time.
- There’s no specific format required for the witnesses’ signatures.
Important things to remember while writing a will
- Beneficiaries:
- Clearly identify the individuals who will receive your assets (beneficiaries).
- Keep it in Writing:
- Although there is no explicit requirement in the law that a will must be in written form, Section 63 of the Indian Succession Act of 1925 outlines the formal requirements for the execution of a will. It specifies that the Will must be signed by the testator and witnesses. This implicitly means that the Will must be a written document since signing and witnessing require a physical or written document.
- Executors:
- Appoint one or more individuals to manage your estate and carry out the Will’s instructions.
A well-written will is your lasting gift of care and protection.
It is an essential step in securing your legacy and ensuring that your wishes are honoured after you’re gone. If you’re considering writing a will, 1 Finance is here to help. We offer free assistance in drafting your will, making the process simple and stress-free.
Connect with us today: https://1finance.co.in/request-a-callback
