Making a will can sometimes seem like an overwhelming task when you first start. However, creating a will is a crucial and essential component of every estate plan. When you have a strong will in place, you can relax knowing that you've given your family and loved ones the security they require for when they need it most – when you can no longer provide that security for them personally.
Although you are able to prepare your own Will, it is still advisable to consult a lawyer as soon as possible to guarantee a smooth process and the inclusion of all pertinent information. Before putting it on paper, a testator should first make plans in his or her head for how the property would be handled and dispersed. Another choice is to draft your own Will and then have a lawyer review it. The Will must be signed by you and two more witnesses after it has been drafted. After that, you should have your Will registered if you want to make it even more secure.
Before you start preparing your Will, it would be beneficial for you to collect the following documents to ensure a smooth process-
- Certificates of birth and/or death
- Divorce decrees or marriage certificates
- Property deed(s)
- Information on the mortgage(s)
- Information on insurance policies: Ensure that each policy has current beneficiaries
- All bank account numbers, institutions, and lists
- Portfolio of investments: account numbers
- Funeral arrangements and burial site details
- Names, numbers, emails, businesses, and addresses for your lawyer, insurance broker, an accountant or CPA, banker and financial consultant
Once, you’ve prepared your documents, it’s also important to look into your assets. You should compile a list of all your assets and consider your ultimate intentions. When you possess these, you'll be prepared to continue. Assets may consist of:
- Properties or real estate
- Items with no physical form, such as stocks, bonds, or a business
- Intangible assets such as patents, copyrights, or royalties
- money held in savings, checking, or money markets
- valuables such antiques, vehicles, jewels, heirlooms from the family, works of art, etc.
Make your intentions as specific as you can after identifying your assets. The titles of your assets and the precise names of the person or individuals you desire to receive them should both be included in your instructions.
It's a good idea to include your last desires in your will as well. Family members who are grieving will enjoy not having to worry about how to honor your life. When you make arrangements for your funeral, memorial service, and burial in advance, you significantly lessen the burden on your loved ones.
Moreover, because we live in a digital age, it only makes sense that digital estate planning is becoming more and more common and important. A digital estate plan is exactly what it sounds like: it outlines how you want all of your digital belongings to be handled after your death.
Any electronic accounts or applications that you access online or through a computer, laptop, mobile device, or tablet are considered digital assets. Email accounts, social media accounts, online bank accounts, photo sites, and a wide variety of other assets can be included in these assets.
You should take the following simple actions to properly develop your digital estate plan:
- Make a list of all your digital assets.
- Plan where you want them to go once you die away.
- Decide on a digital executor
- To ensure that your digital plan is acknowledged, make sure to mention it in your will.
All of your online accounts should be listed in detail, and someone should be designated to maintain them in case you are no longer able to.
Once you have created a Will, you must execute it in a proper manner. In India, a Probate must be requested from the court to begin the will's execution process. A will's probate serves as a legal declaration of the will's validity. You can get it by submitting a petition to the court, together with a schedule of the property and an annotated copy of the will. To ensure that the testator's wishes are carried out, it should be specifically asked for the court to grant probate.
However, executing the Will is not the end of your talk. As life changes, you'll eventually need to update your estate planning agreements as well. Every three to five years, or following any significant event in your life, it is advised to examine (and revise, if necessary) your will and other estate planning documents. Life changes that may call for an update might be remarriage, divorce, a new bequest, major asset or property purchase or sale, expanding one's family, leaving the state and so on.
Now that you know what to include in a Will, here are some common mistakes to avoid
- being vague about the assets.
- Not making the appropriate amendments to the Will if the status of the assets changes.
- Not making declarations to revoke any prior Wills you have made, if you are making a new Will.
- Any interested party may be chosen to serve as executor.
- failing to designate a guardian for young children.
It is also necessary to ensure that your Will is valid. Any will that has both the proper intention of the testator and the necessities is valid. These requirements include the presence of an intention, specifics regarding the testator, specifics regarding the assets, specifics regarding the beneficiary, specifics regarding the executor, the testator's signature, and adequate verification in the presence of two witnesses.
As we know, a Will must have two signed witnesses in order for it to be deemed legitimate even if it is not registered. But what happens to the Will's validity if one of the two witnesses passes away ?
The Will will still be enforceable, but the successor may have trouble demonstrating that the two witnesses signed the Will without a doubt before any of them tragically passed away. At this point, it is seen to be wise to have a Will recorded by a registrar rather than by a qualified attorney.
