This is an attempt to give some useful information regarding
the making of a last will.
A Last Will: This is a document expressing a
wish. It has directions about the
distribution of our wealth, and materials belongings, and worldly goods after
our death. Who should get what, is
expressed here. It is best that a Last
Will be written down. Even a handwritten will, on plain paper, is legal.
Who should make a
Last will: All middle-aged men and women should make a will. Particularly,
any individual who has any kind of asset in their name, such as land, flats, or
houses, silver, gold, fixed deposits, shares etc, such individuals should
definitely make a last will. A Last will
is a legal instrument by which our assets and material goods are distributed
according to our wishes.
The Simple Process by
which a Last Will can be made:
1) Make a written list of all your assets and
material wealth.
2) Make a mental note of how you would like to
divide your assets and material wealth.
3) If possible, in the case of couples, let there
be an agreement on this list of assets and material wealth.
4) Decide on a suitable person to be the executor
of the last will. Talk to this person and get his/her agreement to be the
executor.
5) Write out the will, (it can be typed, or a
computer printout can be taken) and then scrutinize it carefully.
6) Sign every page of the will. Also sign at the
end of the document.
7) Take the signature of a doctor and 2 witnesses.
a.
The will needs the signatures of 2
witnesses. Ordinarily, they should not
be persons who have a stake in the will. If possible, they should be persons
known to the inheritors of the will. They should not have any benefit to
themselves, in the execution of the will.
b.
The signature of a doctor known to you, his/her
stamp, date and registration number should be on will Last Will document. It should say ‘the person making the will is
of sound body and mind, and has signed the document in my presence’. This is
important.
c.
The doctor and the witnesses are only necessary
to sign the will. They do not need to read the will or know about how you are
going to distribute your assets.
8) It is not legally binding to register the
will. But it is advisable to do so.
9) After creating a Last Will, let the concerned
people know about it. Keep it in a safe place.
10) Later, if you wish do so, using the same
process, you can change the will. The
wishes stated in the latest will, is considered final.
11) In the same spirit, it is good practice to
review the will that you have written up, on yearly basis.
Some pointers and responsibilities while making a will
-
If it is a married couple (and both are living), it is
preferable that both persons make a Last Will at the same time.
-
All self-created wealth and materials goods must be
listed. These could be property, jewellery, deposits, shares, any other investments,
electronics, vehicles (cars, motorbikes), insurance policies, pension money,
lockers, precious stones and other household goods. A description of the material goods, and
where they may be located, should also be included precisely.
-
Sometimes, it is difficult to give a full list of
things then one can list them broadly, such as ‘all fixed deposits in my name’
or ‘all the jewellery that I own’…
-
All inherited property should also be listed.
-
It should be clearly mentioned to whom, and in what
proportion/ share should each person get of all such property listed.
-
Very often, people also will some proportion of their
property to a relevant social cause.
-
If you have any debts, clear instructions of how these
are to be repaid, can also be mentioned in the will.
-
If possible, do not will the same asset in joint names.
Will one asset to one person only.
-
When the value of an asset keeps changing, do not
specify the value. The directions should be in percentages or in description.
For e.g. ‘All my fixed deposits should be divided in this way.. 40% for my
elder son, and 60% for my younger son’.
-
Where possible very clear descriptions should be made.
For e.g. ‘the full amount of my____ policy, should go to ______’.
-
Take care to give the names, addresses and telephone
numbers of all the people you may have willed your assets to’.
-
Also mention what to do in case persons mentioned in
the will die before the will is implemented.
- When
a Last will is made with care and precision it is useful to you and to and to those
you leave behind. Its value cannot be
measured.
Email:- rdslawfirm@gmail.com
