7 important things one should be aware of while creating a Will
WILL simply means Wealth Inked and Linked to One’s Last wishes. It is a legally enforceable declaration of how a person wishes his or her property to be distributed after death. In a will, a person can also recommend a guardian for his or her children also known as a “Will and testament”
1. When shall one make a will?
The best time to make a will is now!
Younger children require a guardian, the absence of their parents, and their wishes on this matter can also be detailed in the will. A proposed guardian should be made aware of and consent to their inclusion as a guardian.
2. How to keep and where to keep the Will?
Make sure you keep the will in a safe custody and within the easy reach of person in whose favor it has been created
Make sure you destroy any existing / previous will before creating a new will.
3. Who shall write a Will?
It is not necessary to get a will drafted by a professional or typed on a stamp paper.
4. What to write in a Will?
Keep the will simple, clear and concise without many conditions for e.g. it is not recommended to put in a clause like if my son keeps me in good health then only he gets the amount mentioned in the will.
5. Requirements for making a valid Will:
A will can be handwritten or typed on a computer.
It is recommended you get the will registered even if it is handwritten.
A Will should be signed by its maker.
A Will should be signed by two witnesses.
6. Update the Will
The will should be updated regularly and if the circumstances change, for example:
Marriage or remarriage;
Divorce or separation;
Moving in with a partner;
The birth of children and grandchildren;
Acquiring a large asset; or
The loss or sale of assets disposed of by specific gift.
7. Dying without a Will/ why make a will?
If you die without a will, you are considered to have died intestate and the inheritance laws of the state in which you live will determine who gets your property. These laws vary among states.
There are many disadvantages to dying without a will, including:
You do not get to decide how your property is disposed of.
A judge may decide who will be the guardian of your children if their other parent or legal guardian does not survive you.
It may cost your heirs time and money by having to go through a lengthy probate process. This includes legal fees and court costs.
If you are in a non-traditional family situation, such as a same-sex or common-law marriage, it is possible that your partner will not be considered to be your family by the state and will be disinherited.
This article has been authored by Rahul Parashar, Co-Founder & Chief Legal Advisor at LegalNow and Surbhi Kohli, Founding Intern at LegalNow.
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