Features of Will making - A popular tool for Estate Planning

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

Team

Saarthi Financial Planner

Email: saarthifp@gmail.com

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