Heylo My Dear Friends 🙂 Today’s topic of preparing our Wills may seem serious and it is, too. But we need to discuss this to get the reluctance associated out of the way, to bring down the complexity associated with the topic. It’s not complicated…..Really! Once we understand that it’s just a statement of our wishes. Wishes that we all have since birth…then all our lives… Which keep on going through various stages of changes and upgradations as does our station and stage in life.
A Will too is just the same! A formal statement of our wishes, as we want them honored with respect to our hard earned Money and Movable and Immovable property. We may think that Joint Accounts and Nominations are enough for the purpose to be served but it’s not. Nominations are just Holding rights not Ownership. End of life is certain for everyone, what’s not is the moment when. And as it inevitably happens, anyone can stake a claim to our hard earned Property as per the Succession Law. And even though we may not have so intended, even our spouse can’t stop the unwanted dependent kin or relative from claiming their share as per the Succession Law. But if we do lay down our wishes in our Will then we can dispose the same Property as per our wish to our spouse entirely or part thereof to any Charitable Trust, Temple, Association or Person of our choice. Keeping the Law and Life in mind, everyone should make a will.
Procedure for Preparation of Will
It’s very simple really. A Will can be written on any durable paper, in any language. We just need to describe the money, property etc. in detail and where it is. Also what and in which proportion do we want to give, to whom. Name of the beneficiary and their details should be clearly stated. Any likely future investments can also be included. After writing our wishes in simple language with date, this simple document has to be signed by us in front of two witnesses. One of whom should preferably be our or any doctor to avoid any mental competency disputes later, this though preferable, is not essential. Any two witnesses will do. If there is more than one page then every page must be numbered and signed with the date. Witnesses need not know the content of the Will, only that we signed in their presence.
No Stamp Paper, Fee or even Registration is required. Though Registration can give authenticity but is not compulsory. Even by Receiver no Income Tax, Gift Tax, Estate Duty need be paid. Probate shall be necessary after death. Our Will takes precedence over the provisions of Succession Law. Best part is we can keep changing our Will as many times as we want, provided we write afresh and give date and sign and get signed by two witnesses, not necessarily the same ones as before. Only the last Will shall be operative, so we must not forget to put the date on each and every page. This Will can be kept in custody of any trusted person, only to be opened on death. We can inform beneficiaries if we wish. In case of large Property and many Beneficiaries it’s better to take help of an Advocate/CA and an Executor for preparation of Will and smooth transfer of property.
Hence Will though on simple paper and unregistered, becomes legal document which can not ordinarily be challenged or disputed and makes transfer of property as per our wish very simple. So for all of us, preparing a Will is an act of wisdom and welfare for our near & dear
For more detail visit http://www.silverinnings.in/Wills.html