Money matters: Make a Will, just go online, save your family

With rising awareness about succession planning and increased digital penetration, more and more Indians are taking services of online will creators. Creating a will online is easy, convenient and a low-cost alternative to going to a lawyer for the job.

Even a handwritten piece of paper with details of how the assets are to be distributed, and by whom, along with signatures of the will-maker and two witnesses is considered a valid will. Registration, too, is not mandatory. However, a well-executed will can avoid disputes and registration adds authenticity and reduces the grounds on which a will can be contested in court, in case of dispute. “When you die without a valid will your assets could be the root cause of dispute among family members. Even a registered will can be challenged in court,” explained Hardik Shah, a Mumbai-based advocate and teacher of family law. “A well-executed will with complete details of assets and a clear language can help avoid disputes.”

E-wills
Sensing a demand for making wills and services around it, many online platforms have come up. These online portals provide services like making a will online with ready-to-use templates. Some also offer legal advice to distribute your property based on the information you provide them. One can also offer specific instructions for succession. Making a will online involves a few easy steps. One needs to register with the service provider, pay fees and submit data making provisions for beneficiaries of your choice. You can either use the ready template offered by service provider or go for the expert advice. In case you choose the latter, the information is sent to the legal expert, who then drafts the will for you.

As the last step, one has to take a printout of the will, sign it and get it attested by at least two witnesses making the will valid. The will can be kept in a safe place for proper retrieval. Like the physical will, even online will can be altered as many times as possible - the law considers the latest. On the death of the will drawer, necessary certificate (technically called a probate) needs to be taken from the court mentioning that the will is a valid one, post which assets can be distributed as mentioned in the will.

Benefits of online will
Creating a will online is not only cheaper, but also offers the advantage of privacy to the person drawing up the will. The online tool offers complete online guidance from the array of legal experts for drafting the will.

“Online will is dejargonised and gives a sense of complete control to the person writing the will,” said Nandkishore Purohit, head - digital strategy and analytics at HDFC Securities, which offers online will-making services mostly to its captive clients.

Other players include EzeeWill, a venture between NSDL e-Governance Infrastructure Limited (NSDL e-Gov) and Warmond Trustees and Executors, that offers tailor made solutions on succession planning. SBICAP Trustee, a subsidiary of SBI Capital Markets, offers online will making through MyWill.

Some online portals like Willstar.in and Lawfarm.in offer  free will making services. It is advisable to verify the pedigree of the service provider before giving them your data. These free online portals may offer readymade templates for free and charge for any legal assistance. While online platforms charge anywhere between Rs 1,500 to Rs 4,500 per will, a lawyer depending on his experience and seniority may charge upwards of Rs 20,000 for drafting a basic physical will.

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Who can use online wills
Experts recommend online wills for individuals with a simple balance sheet and fewer beneficiaries. “Online wills are cost-effective and possibly less time-consuming. They are a boon for those who are looking at a basic succession plan for his or her dependents,” said Anuradha Shah, managing director and chief executive officer of Warmond Trustees and Executors.

However, in order to avoid future disputes, one must make sure that details of various assets held, their holding pattern and the desired beneficiary are named accurately. If you hold assets abroad, have a complex family structure or need some taxation advice over your estate, then online will portals may prove insufficient. “For instance, an online will may not accurately capture the client’s intent for specific bequests, philanthropy etc,” Shah added.

Need for a will
Will making is not an integral part of financial planning in India. It is important to understand the difference between a will and nomination to an asset. A nominee is just a trustee to get custody of the asset. “A nominee is a mere custodian and may not be the ultimate beneficial owner. A will supersedes nomination in all assets classes, except equity shares and bonds,” said Brijesh Parnami executive director and chief executive officer, Essel Wealth Services.

Source: DNA Money