Writing a Will? Here are few things you need to keep in mind
A Will is not only necessary for asset distribution of a person but also safeguards the financial future of your loved ones. A Will is also sometimes called a “last will and testament,” which states your final wishes.
It is really important to make a Will. It is an instruction on what should happen to one's property after the demise. Most people have limited knowledge about how a Will works and what should they keep in mind while making it. A Will is not only necessary for asset distribution of a person but also safeguards the financial future of your loved ones. A Will is also sometimes called a “last will and testament,” which states your final wishes. It is read by a county court after a person's death, and the court makes sure that your final wishes are carried out in a legal manner.
If you are planning to make a Will, then here are few things to keep in mind -
1. Seek Professional advice
It is necessary that a person chooses trustworthy advisors for making a Will, who will enhance your decision. The person whom you appoint to make your will should help you to use clear, unambiguous language to accurately describe your wishes without any confusion. The person should be impartial and also explain your options and help you decide what to include.
2. Have a beneficiary
It is really important to decide to whom will you inherit your assets. It is really important to select the right person to be the beneficiary. What essentially matters is that you allocate your loved ones in a stable and peaceful state of mind. Now if you want to change or relocate your beneficiary then you can easily do that when you review your will. You just need to contact a bank and a nominee can be easily nominated by a person, and whenever the person acquires the family, the previous nomination becomes invalid and a fresh nomination will be updated.
3. List your asset
A person should always list assets. It is the better way for ease of distribution while making a will. A Bank offers nomination facility in all deposit accounts, safe deposit lockers, articles in safe custody, opened by the individuals. Also, the Nomination facility is available to a sole proprietor concern account. You can select a nominee for your bank account and also can change or revise it whenever you want to.
4. Select an Executor
If you want to make a strong and impartial Will, it is very important to choose a trustworthy individual who has expertise in the field. You should also keep in mind that no magic words or any kind of that must be used to create a Will.
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5. Register your Will
It is really important to register your Will as it helps your family members at the time of execution, and it is also safe to keep it in legal form. Make sure that your will has word " Affidavit" on it and not "Declaration" as there are many cases in India where the word declaration is considered as incomplete.
6. Choose a witness
It is important that you involve two 'neutral' witnesses, which means that those witnesses should not have any personal or financial interest in the will which you have made and they are required to sign the document. As Nomination made can be cancelled or changed by the account holder/s any time, while making these changes, it is important that the process should be witnessed by a third party.
Now let us see the difference between Nominee and Legal Heir
Nominee implies to a person who is nominated by another to act as a custodian of the assets, in the event of death. Whereas, Legal Heir refers to a successor, whose name is mentioned in the will of the deceased, as the final owner of assets.
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