When
it comes to peacefully and legally passing on our hard earned personal wealth
to our dear ones after our death and as per our wishes, the prominence of the
word ‘WILL’ in this phrase assumes a different and very important context.
Many
of us feel preparing a Will is pretty gruesome, and hence, we don’t look at it
with the right attitude.
What
is a Will?
A ‘Will’ is a simple
and effective way to distribute your assets to avoid family disputes
and plan estate distribution. It comes into action only after the demise of the ‘testator’
(person preparing the will).
Features of Will
·A
person preparing his Will is the 'Testator' and the persons to whom you
distribute your wealth in the Will are called ' Beneficiaries'. You should name
an 'Executor' in the Will to carry out your stated wishes.
·A will can
be hand written on a plain paper. It should be legible.It is not necessary to
write it on a stamp paper or even get it registered in a court. It is still
considered legally valid.
·Any person
who is a major in age (i.e. above 18 years) can write a will .All they need to
do is list out all his Assets and specify how and when these are to be
distributed among the beneficiaries.
·It contains
a declaration by the person preparing the will that he is preparing the will
with his free will and is in sound mind and health.
·A will
should be signed at the end of the page and attested by counter signature of
two witnesses.The witness should ideally be completely reliable and preferably
younger to the testator so that they have a probability to outlive the person
making the will.Also date the will.
·A Will
can also mention the information about the status of the testator’s obligations
and outstanding liabilities and the manner in which he wishes to repay/discharge the sums in clearing them.
To conclude, as important it is for a person
to earn and grow his wealth during his life time, it should be his important
that he plans and provides for his wealth distribution to his family members
and the next generation in a proper manner before he departs from this world.
Thanks and Regards
Thanks and Regards
Team
Email: saarthifp@gmail.com
