Create a Will even when you are young !!

A person's wishes for the management or distribution of their possessions after death are legally expressed in a will. A will may be written in any style, even though it is a legal document. For instance, a will can be typed or penned by hand and does not need to be on stamp paper.

A person making a will in India should do so voluntarily, with testamentary ability, a sound disposition, knowledge of the contents of the will, and without being subjected to undue influence, fraud, or coercion.

According to the Indian Succession Act of 1925, anyone who is of sound mind and who is not a minor, that is more than 21 years of age, can make a will.

It might happen that you want to split your wealth unequally or make a provision for a close friend or a devoted servant depending on your family structure and preferences. If you pass away without a will, this is not feasible.

Types of wills in India

Wills can be broadly divided into two categories in accordance with the Indian Succession Act of 1925:

1. Privileged Wills

In India, wills that are usually drafted by soldiers and used in combat-like situations are considered to be privileged. Such Wills need only be made orally or in writing, and they are largely unrestricted by the law.

2. Unprivileged Wills

The format of the other types of Wills is not privileged, and several formal steps must be taken in order to draft one of these. These types of wills must be written in compliance with regulations like witness attestation and signature verification. A regular citizen must write this kind of will.

So, how does one create a will in India ?

A will is made up of several components that, when properly finished, form a full will. There is a template, which has been widely used for centuries, even though there is no legal or specified format.

Step 1: An initial declaration

You must state in the first line that you are making this will voluntarily and without undue pressure. When drafting the will, you must include your name, location, age, and other details to attest to your veracity.

Step 2: Property and Document Details

The next step is to list all the items you own along with their current values, such as your home, land, bank fixed deposits, investments from the mail, mutual funds, and stock certificates. You must also say where you keep all these papers. These most likely reside in the secure deposit box at your bank.

Even the will ought to be kept there! Ensure that you obtain information from the bank manager regarding the steps and regulations for releasing your will from the safe deposit box after your passing. Make careful to tell your family members or the will's executor about it.

Step 3: Ownership information.

At the conclusion of your will, you should specify who will inherit your assets and in what percentage after your passing. If you are transferring assets to a minor, be sure to designate a trustworthy custodian to oversee those assets until the recipient achieves legal adulthood.

Step 4: Signing the Will

After you've finished writing your will, you must sign it meticulously in front of two or more witnesses who are both independent. Their signatures serve as a confirmation that you signed the will in their presence. At the bottom of the will, it must also mention the date and place.

A will has certain requisites which have to be followed in order to ensure that there is no confusion later on which are as follows-

A will needs to be written down and approved by the testator.

Any Will must be penned in clear, concise language. Ambiguous language should always be avoided.

It must include details about the people involved, including the name of the testator, the beneficiary, the executor, and information about each asset and piece of property.

Include a thorough breakdown of the recipients' individual shares and asset distributions.

The executor's name and contact information must be included.

A will needs at least two witnesses to testify to it. The witnesses must be mentally capable and of sound mind in order to comprehend the essence of the Will.

The testator should sign each sheet of the will in order to avoid any misunderstandings regarding its contents.

Since we know that creation of wills in not necessary, why must one make it? There are several reasons to create a will, some of which are discussed below-

1) Protects the family from litigation

There is a valid reason to have a Will, regardless of whether you have multiple children or complex family dynamics. It's best to eliminate any doubts you may have about your relatives being able to assert their claims to your assets after your passing if you don't leave a will. Without a will, your family might have to make assumptions about what your final desires were. They might disagree, which could cause conflict and even court disputes. This issue can be resolved by writing a will.

2) Helps to distinguish between beneficiary and candidate

A "nominee" is a person who manages the deceased's assets until they must be distributed to the rightful successors. While the "beneficiary" is the person who will eventually receive the money upon your untimely passing. The nominee is in charge of distributing the profits to the legitimate heirs. The legal heirs, a foundation, or an organization are all acceptable beneficiaries. A will enables you to specify who you want to name as a beneficiary in plain terms.

3) Aids in the selection of a guardian for young children and pets

You have the authority to name a guardian for your young children in your will. If one of the parents passes away, the surviving spouse typically has sole legal custody. You can designate a guardian to look after your children's daily requirements, such as food, shelter, medical treatment, education, and clothing, in the event that both of the parents pass away. This is among the most crucial justifications for having a will. The local court may appoint a guardian for your children in the lack of a will.

4) Makes notes for your digital possessions

Digital files, property, and online social media profiles like Facebook, Instagram, and email are examples of digital assets. You can designate a digital executor in your will to look after these possessions after your passing. A will may be the best option if you want to give these assets to particular individuals.

5) Improved inheritance planning

You can name an administrator when you create a will, making you a testator. This individual will be in charge of finishing up all of your business while you are away. An executor is in charge of everything, including closing bank accounts and selling possessions. By drafting a will, you can select the ideal executor—someone who is not only competent but also someone you can rely on—to handle these tasks. If your will doesn't name an executor, the judge will appoint one on your behalf.

Now the question arises, do you need an attorney or other professional to write your will ?

Although it is not required to work with a lawyer or other professional to draft a will, the average individual can also do it themselves. It is advised to draft a Will with the assistance of a lawyer or professional because it is not a regular document and should be supported by legal guidance or professional advice to prevent any dispute in the future. The following are some justifications for hiring a lawyer to write your will:

• Making sure all assets are listed: Some people believe incorrectly that a will only contains the property distributed to their loved ones, who are referred to as the will's beneficiaries. The truth is that a will can contain any assets you choose and is not just restricted to real estate. Lawyers and professionals ensure that all assets are mentioned and disagreements are avoided to prevent issues when it comes time to execute the Will.
• Managing challenging family dynamics: Perhaps you've been married before or have children from a prior relationship. Estate planning lawyers can help you make plans that are ideal for your current situation, regardless of how your family is set up. In the event that your situation changes, they can also help you update essential documents.
• To make sure everything complies with the law: Having an attorney or professional carefully draft the Will increases the likelihood that it will be upheld in court, even though it is possible to make a legally enforceable will on your own. Each state has stringent probate laws, and those laws are constantly evolving.

All in all the importance of creating a will cannot be ignored and ultimately it will prove beneficial to you and your close family and friends.