The monetary effect of the 2020 Covid pandemic in India has been to a great extent troublesome. The lockdown however fundamental has prompted a heartbreaking effect on the economy. As COVID-19 remaining a significant number of us telecommuting encompassed by our families and friends and family, it was inescapable that we began to consider how well we are ready for our fates.
A will is a legal declaration an individual makes about the manner in which they need their property managed or distributed after their death. In straightforward terms, a will is a legal document that directs how you need your resources for be dispersed after you die. Although a will is a legal document, there isn't any recommended structure it must take. For example, you don't have to compose a will on stamp paper and it tends to be either composed or manually written. In any case, a manually written will is favored as it is more hard to dismiss. As indicated by the Indian Succession Act of 1925, any individual who is of sound brain and who is certifiably not a minor can make a will.
To have a legally valid will one needs to have following clauses in their will-
Including all the above-mentioned elements would reduce the chances of ambiguity in the will.
Step 1: All the essentials of a will as mentioned need to be adhered to.
Step 2: It is advisable to consult the family lawyer before drafting the will. A will can either be drawn by the testator himself or through his lawyer.
Step 3: Designate an executor. The executor acts as your personal representative who manages and distributes the assets of your estate. Make sure the person you choose is honest, reliable, trustworthy, and willing to act as your agent. In the event your first choice is not available, appoint an alternate.
Step 4: Appoint a guardian. It is important to name a guardian to care for your minor or dependent children in the event you are the last surviving parent or the surviving parent is unfit to care for them. Otherwise, the court will appoint someone. You want to choose someone who is not only prepared to take on the responsibilities of raising your children until they turn 18 but who is also close to you and your children.
Step 5: Name the beneficiaries. Beneficiaries are the people who stand to inherit your assets after you die. Your beneficiaries may include your spouse, children, relatives, and close friends, among others. Make sure to include the full names of your beneficiaries in your will so as to leave no doubt as to their identity.
Step 6: Designate the assets. Make a list of your assets and decide who will inherit what. If you plan to disinherit a family member, make sure you name the person in your will and the reasons behind your decision, if you so choose.
Step 7: A will is executed by ensuring the signature of the testator in the presence of the two witnesses and their signatures as well.
Step 8: It would be beneficial if a will is registered and properly stamped as it helps in ensuring proper execution.
Procrastination and the unwillingness to accept death as part of life are common reasons for not having a will. Sometimes the realization that wills are important comes too late, such as when an unexpected death or disability occurs. To avoid the added stress on families during an already emotional time, it may be wise to meet with an estate planning lawyer to help you draw up a basic estate plan at the minimum, before it’s too late.
Everyone should have a Will, no matter their age or circumstance. Especially at a time this when the word is facing a pandemic, it is important we all feel secure that our families will be suitably cared for when the time comes and creating a Will is a way to do this. It is important to review your will every five years to ensure that it’s up to date and still reflective of your future wishes.