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Making a Will and talking about it openly can be unnerving since it forces you to think about your own demise and/or the demise of a loved one, but this does not imply you should refrain from doing so. One of the most crucial things you can do for yourself and your family is to make a will.
Making a will should be your first financial decision because it is so important. You should make your Will today, not tomorrow or later, if your family is large and you want to give money to several family members.
For instance, the "Hindu Succession Law" (Government regulations on how wealth should be distributed among family members) will be used to distribute your assets in India if you pass away without leaving a will. It is a common misconception that the spouse automatically inherits the entire estate because children and perhaps even relatives may stake a claim to the assets.
Now, you may wonder if making a Will holds such weight, can you make it yourself? The answer to this is yes, as long as it complies with all legal criteria, it is permissible to create your own will in India.
However, if you are drafting your own will, you should bear the following recommendations and factors in mind:
Since you are not taking professional help while writing your own Will, it's also important to look out for certain seemingly small details that could have a big impact. These things are as follows-
Now, you may wonder how you can write a will that is valid under Law ?
While registration of a Will is not compulsory, it is advisable that a testator register his will in accordance with the Indian Registration Act since doing so dispels any questions about the will's validity. Simply registering the will eliminates any potential misunderstandings and obstacles.
Now that you’ve made your Will, where should your will be kept? All in all your will is free to remain wherever you deem it to be secure.
Generally, these 2 places are considered to be the safest-
Did you know that you can also create an electronic Will now ?
Making a will is now simpler than ever thanks to the development of technology in the legal field. A person can now create an online will, often known as an e-will or a digital will, and it has the same legal force as a traditional will. It gives digitized information on your possessions, investments, and properties as well as who you wish to leave your property, money, and other possessions to after you pass away. It saves time and is safe and secure. A simple online will can be created in as little as 30 minutes.
The steps necessary to create your e-will are as follows-
One must create a Will well in advance because life is unpredictable. Therefore, one should make a will as soon as possible.
My Legacy Box ("formerly Oiconomos") is an end-to-end solution for personal finance succession management. It simplifies succession planning and management by building on financial hygiene and best practices. Innovative segments like facilitation of one click Will creation which is considered to be one of the most effective tools for inheritance management in the judiciary system, make us stand out. With the help of tech, we make succession management accessible, affordable, and secure for the families of Bharat.
The most effective way to shape your future is by taking action today.
Disclaimer: Please note My Legacy Box ("formerly Oiconomos") is not a law company/firm and does not offer legal advisory. Though materials, software, and services are available to use publicly, they cannot substitute legal counsel by legal practitioners. We do not endorse or solicit the work of any legal counselor.