A will is an important estate planning document that says who gets what after you die. Many people put off writing a Will because they believe it will be costly or difficult, that it is unnecessary because their possessions will automatically pass to their spouse or children, or simply to avoid thinking about their own death. But writing a Will is critically important for all adults regardless of wealth, marital status, or age.
What is a Will?
A Will is a document, considered as a legal declaration of the intention of a Testator about the distribution / disposal of his possessions / assets / properties etc. after his death. The Will would specifically have details of all considerations that the Testator has in mind, to carry out his wish in this regard, after his death.
What is the purpose for preparing a will?
A will is a legally binding document that identifies who should inherit a persons property after they die. Recipients often include a spouse, children, grandchildren or a charitable organization. Many wills also contain a provision that names a guardian to care for minor children. A person that makes a will is called a testator.
Who can prepare a will?
- A person who has assets and desire those assets to be inherited by certain specific persons, can write a Will.
- A person should be a Major i.e. 18 years of age or more.
- Should be of a sound mind.
- Should not otherwise be debarred from making a Will by any competent authority.
What are the important aspects of Will?
- Testator is the person who declares his wish in the Will regarding the disposal of his properties after his / her demise.
- Executor/s is/are appointed by the Testator, to ensure that the assets are distributed as desired by him/her in the Will.
- Beneficiary/ies is/are the person/s to whom the benefits are passed through the Will.
- Witnesses Persons in whose presence the will is signed by the testator .Witnesses also need to sign the will.
Do I need to register my will?
Registration of a Will is not mandatory. However, it is advisable to register the Will.
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