Checkboxes while writing your Will

Writing a will is a crucial topic, but regrettably, many individuals would rather avoid it. After all, thinking about our final will and testament causes us to reflect on our own death, a topic that many find unsettling. Your loved ones, sometimes referred to as your beneficiaries, won't necessarily have access to your property and goods in the case of your passing without a will in place. So there is need for a will, but why ?

People frequently believe that they are too young to have a will, which is a widespread error. While having a will is undoubtedly vital for senior persons, it is also a good idea for adults of all ages to have one, especially if they have children. After all, you can never be sure when your time on earth will end, and it could happen at any time without warning. Take into account the following justifications for having a will:

1. It is essential for your young children's safety. If you have minor children, you can specify in your will who will take care of them when you die away.
2. Protection of your assets. Make sure your assets are secured for the benefit of your loved ones and perhaps future generations.
3. Choose dependable people to manage the legal and administrative aspects of distributing your property and assets.
4. Clear up a variety of matters, from tax planning to residential care.

Now, what should be included in your will?

Using a handy document called your Last Will and Testament, you can specify what should happen to your estate after you pass away. Most people use their wills to specify who should receive their property, usually their loved ones in the family.

For example, consider you have a car and you realised that your cousin could really benefit from it for transport to her job and so, you want her to have it in the event that you pass away. You should include this in your Will without a doubt.

The following items can and should be included in your will-

1. Your most basic personal data
2. Legalese expressing testamentary intent
3. Your designated agent
4. Your designated care taker for any animals or young children
5. A list of your assets as well as the beneficiaries you've designated (with some caveats)

Property Types That Cannot Be Mentioned in a Will

It's simple to believe that everything should be included in your will when it comes to property. There are, however, some circumstances in which leaving behind property will help your loved ones even more. This is not to argue that certain assets should be completely excluded from your estate strategy. It is possible to leave the property without including it in your Will by making appropriate arrangements. Here are some concrete instances to assist illustrate this idea:

1. Objects kept in a trust
2. Property with beneficiary designations
3. Your designated agent
4. Property left in the name of pets
5. Presents with criteria and guidelines

Do's while writing a will

1) A will needs to be written

A will can be written or spoken, but it is recommended that it be written so that it can include specific information about you, your family, your property and assets, beneficiaries, two witnesses, the date, time, and location of the signing, among other things.

Only military personnel—soldiers, aviators, and sailors—who are actively engaged in combat or who are at risk of death while at sea or on land—are permitted to make oral wills under specific conditions. According to their own personal laws, Muslims are also permitted to make an oral will.

2) Do make your wishes known to friends and charities

The law assumes that your nearest relatives should inherit your assets because it is unable to determine who you care about most. You can only make donations to friends or charity organisations by specifically stipulating them in your will.

3) A will should have witnesses

A will must be signed in front of a minimum of two witnesses, as required by law. The witnesses only need to affirm that the will was signed in their presence; they are not required to read the will's contents.

The witnesses may be called before the court to testify if the validity or legality of the will is questioned.

4) Include joint assets in your will

A testator may only express his preferences in his will up to the amount of his part of any joint property that he owns. To prevent future disputes that are not necessary, all joint property titles must be mentioned.

5) Do be specific with your wishes

So that there is no space for distortion, be explicit, straightforward, and exact when expressing your wishes. Beneficiaries won't be confused or have any queries as a result, and the executor will be able to carry out the will without any problems thanks to this.

6) Updating your medical contacts

Your medical contact information should be updated at least every five years, or more frequently if the situation or the law changes. Include any religious or medical convictions that might affect your treatment philosophies.

7) Select a different executor

In the event that the designated executor is unable to carry out the duties, a backup executor should be named in the will to serve in that capacity. No matter how certain you are that your named executor will be willing to serve in that capacity after your death, life is unpredictable, and there may be a chance that a named executor is unable to carry out the tasks for which he was accountable.

For instance: The executor might pass away concurrently with your passing or soon after, get sick and find it difficult to fulfil their duties as executor, lose their mental capacity, etc.

Now that you know the do's of writing a will, it is also important to keep in mind the don'ts while writing one-

1) Only planning for death, not for life

If a will just specifies what will happen after your passing, it is not complete. It must also cover what transpires while you're still living in order to be fully thorough. The best way to achieve this is not through the will itself, but rather through supplemental documents known as advance directives, which are written, legally enforceable instructions intended to direct carers in the event that you are unable to express your own healthcare preferences due to dementia or other health issues.

2) Disregard for beneficiaries

A will is merely one method of transferring assets after death. Beneficiary designations on bank accounts and insurance policies are still another method. Wills do not have any legal effect in such a case.

3) Including your funeral wishes

Another common error is to include funeral instructions and burial preferences in your will. This is because wills are often not reviewed until weeks after the funeral. If you put your wishes in your will, it might not be read on time. Instead, you must trust your family to fulfil your wishes by telling them what you want—or by writing it down and letting them know where to locate it.

4) Do not put off making a will until later in life

Since the future is unpredictable, it is advisable for someone to create a will as soon as they become 18 or at the very least when they begin to earn money. In the same way that people buy insurance policies when they are 25 years old to support their families because one cannot predict the future.

5) Don't overlook your pets

Pets are a part of your estate just like any other property you own because they are legally regarded as property. As a result, you should name a pet guardian while writing your will. After your death, that person will be in charge of giving you company, food, shelter, and veterinary care.

Some other important things to keep in mind :

1. Tenancy rights are not assets or property, hence they do not need to be left to a specific individual in a will. A leasehold right, however, may be left in a Will.
2. A will may make reference of ancestral properties for which the testator has received legal title or possession.
3. A person's ownership in a corporation or partnership firm may be inherited through a will, subject to any terms set forth in the partnership deed.
4. It is not possible to leave a portion of the Hindu Undivided Family in a will.