Succession planning or writing a will is a sensitive topic and people are usually uncomfortable about such discussions. However, dying intestate would mean that your wealth would be distributed as per the respective religion’s succession acts rather than your own wish. Intestate death could also lead to conflicts and long-drawn legal battles among family members. Hence, drafting a Will becomes necessary for frictionless succession of wealth among the beneficiaries, in the proportion you wish. Here are points to keep in mind while preparing a Will.

Options available

A Will can be handwritten or prepared in print (via typing) as per your convenience. You can draft a Will either in do-it-yourself mode, through a lawyer, or e-Wills through banks and brokerage houses such as Axis Bank, YES Bank, HDFC Securities and ICICIdirect, which partner with platforms such as Easyinherit, EzeeWill and WillJini, to provide such services. An experienced lawyer charges ₹10,000-15,000. However, the cost ultimately depends on the degree of complexity.

Irrespective of the route adopted, remember that the testator (who prepares Will) should list down all the assets and distribution in an unambiguous way to avoid conflicts. For instance, instead of simply classifying as movable or immovable properties, one should describe each asset clearly and specify its distribution separately. 

Also read: How to secure the inheritance of your minor children

Witness and executor

A Will is considered valid only if the testator signs it in the presence of at least two witnesses, who should ideally be much younger than the testator and can confirm that the testator is/was in sound state of mind while preparing the Will. While a witness can be any person, say, your relative or friend, it is always advisable that one keeps a doctor as a witness as he/she is the one most qualified to confirm mental fitness. Further, a video recording of the testator reading and signing his/her Will in the presence of witnesses without any duress from anyone, along with the mental fitness certificate, would also be helpful in proving the Will’s authenticity in courts.

In addition to witnesses, the testator should appoint an executor who gathers the details of the assets, protects them and distributes the same to the beneficiaries, as per the Will’s instructions post the testator’s death. While an executor can be anyone, say, the testator’s friend or relative, it is advisable that a professional legal firm or an individual having sound legal knowledge be appointed as an executor so that the assets are distributed efficiently without any personal bias. Note, if a professional or a firm having chartered accountants and lawyers is hired for the same, it may cost fees, say, 0.5-2 per cent of the estate value or an absolute amount depending on the duties and complexities.

Also read: All you wanted to know about Wills

Details of witnesses and executor should be mentioned in the Will, along with the responsibilities assigned to the executor. Note that witnesses and executor should not be among the beneficiaries, and should not have any vested interests in the distribution process of the estate.

Registration

Registration of the Will is not legally required, and it depends on the testator’s choice. However, registration of the Will reduces the chances of the Will being challenged in court. To register a Will, the testator will have to visit the office of the sub-registrar of that particular area where he/she resides or under whose jurisdiction the majority of the estate lies, along with the attested witnesses. If the testator himself/ herself appears before a government official with the original Will, this adds to the reliability and trustworthiness of the Will. A nominal government registration fee is paid, which varies from State to State.

Changes to the Will

It may so happen that circumstances for the testator might change after writing the Will — such as new assets acquired, change in view, or untimely death of one of the beneficiaries. In such cases, the testator may need to make changes to the details mentioned in the Will or at times rewrite the whole Will.

If small changes are to be made to the Will such as adding, removing or altering the assets or the beneficiaries, a document called codicil can be prepared. As per Sejal Sheth, CEO, Easyinherit, codicil simply acts as an addendum to the Will and the procedure for preparing the same is identical to that of Will. In this case also, you need the presence of a minimum of two witnesses, which need not necessarily be those mentioned in the originally made Will.

While codicil is apt for small changes, it is better to write a new Will if there are a lot of structural changes due to changed circumstances. For doing the same, one has to go through the whole procedure all over again. Note that when one prepares a new Will, he/ she should ideally destroy the old Will(s) so that conflicts are not created.

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