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How to Create a Will: Process and Factors to Consider
source: willpower
What is the Process of Making a Will?
Preparing a will can be a cakewalk if you know the right path. Below are some simple steps you can follow to complete this process:
Step 1: Decide the Type of Will You Want to Make
The first and foremost step is selecting the right type based on your heirs and assets. There can be six types: simple, holographic, mirror, pour-over, joint, and nuncupative wills. You can go through them to select the most appropriate type or hire an attorney.Step 2: Choose the Assets to Include in a Will
The next step is jotting down the list of assets that you own. This usually includes properties like houses and vehicles, life insurance policies, bank statements, heirlooms, personal items like vintage jewellery, and pets. Also, ensure you have relevant documents to prove the ownership of these items.Step 3: Select the Beneficiaries of Your Assets
After listing the assets, you will encounter the most difficult challenge of distributing them amongst your heirs. You can have many beneficiaries like your spouse, children, friends, extended family, etc. Ensure that you select the right assets for each so that they can manage them easily.Step 4: Decide on the Executor of Your Will
An executor is a person who ensures that all the conditions mentioned in this document are fulfilled in your absence. They also make sure that your beneficiaries receive the assets you have allotted them. You can select an accountant or attorney who is reliable, organised, and trustworthy.Step 5: Choose Your Minor Children’s Guardians
If you have minor children, you must choose a guardian for them. However, you should note that transferring guardianship is a huge undertaking. So, you should trust a reliable candidate who can fulfil this responsibility. Also, discuss with them before nominating them as the guardian of your kids.Step 6: Make Some Donations to the Charity
Although this is an optional step, you can donate some of your property that would benefit the underprivileged. You can leave assets like real estate properties, some amount from your life insurance policy payouts, a part of your personal property or even a portion of your investments.Step 7: Sign Your Will in Front of the Witnesses
Once you finalise asset divisions and nominations, the next step is signing the will. You should do so before at least two witnesses to make it legally valid. Also, ask your witnesses to sign the will that assures you were in sound mind and not under any pressure while framing the document.Step 8: Keep the Will Safe and Easily Accessible
Keep the will in a fireproof locker, a trusted attorney's office, or a safe deposit box for maximum safety. This ensures that they stay safe until and unless it is executed after your demise. In addition, you should keep all the necessary documents so people can easily find them.Step 9: Inform Your Executor About the Location of Will
Apart from your family members, you should also inform your executor about the location of these documents. This is essential as they can easily access these papers and distribute your assets accordingly after your death. Otherwise, it can delay the property division process, giving rise to disputes.Step 10: Update Your Will in Case of Any Big Life Change
What could be important life changes that you should update in your will? These can include life events like getting married or divorced, purchasing a house, having children or grandchildren, or when your beneficiaries or executioners pass away. You should do this every five years to ensure the document stays updated.
Following the above mentioned steps can ensure you can draft your will in simple steps. However, you should consider some crucial factors when drafting this document.
What Are the Factors to Consider When Drafting a Will?
Here are some crucial factors that you should consider when drafting a will:
- List down the name of assets along with the name of the beneficiary beside it for easy understanding.
- Find the appropriate way to write a will from your attorney so it does not appear ambiguous.
- If you decide to print your will, avoid attaching handwritten notes that can raise a question.
- Appoint an executioner of your will, preferably your lawyer, who can ensure proper execution of its conditions.
- You can register these legal papers free of cost from the nearby sub–registrar's office to increase their authenticity.
- Mention the date you prepare this document for easy reference in case anyone challenges it.
- Inform your beneficiaries about these papers to ensure they can easily access them after your demise.
Knowing appropriately about how to make a will can minimise the chances of errors. This is important as any mistake can make the document null and void. Also, it can raise disputes and disrupt your family's peace in the absence of a legally drafted will after your demise.
FAQs About How to Create a Will
Can you make a will without involving a lawyer?
Yes, you can find a will template online and download and print it to accurately fill in the necessary information. Attach a list of assets and beneficiaries and appoint an executor of your will. Once done, sign the papers and ask your witnesses to sign them.
How long does the validity of will last after death?
There is no expiry date of a will. After the testator passes away, the beneficiary can claim the will throughout their lifetime. Once the executor enforces the will's contents, it is deemed executed.
Can you challenge a will in court?
Yes, you have the flexibility of challenging a will within 12 years of the death of its testator. However, you can also challenge it after 12 years if you doubt its legal validity or any other solid reason.
Who can become a witness to your will?
You can select two witnesses to your will apart from the beneficiaries and close relatives. Also, both must be younger than the willmaker to stand eligible for signing as witnesses.
What is the cost involved in making a will?
The cost of making a will usually ranges between ₹10,000 and ₹15,000. However, this cost usually varies with the service provider you choose for this purpose. Also, you should note that no additional charges are involved in preparing this document.
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Disclaimer
- This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
- All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
- Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.
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