What is the cost of making a will in India ?

As we know, a last will and testament is a legal document that provides the testator's final instructions for the management and distribution of his estate after his passing.

According to Section 2(h) of The Indian Succession Act, 1925, a "will" is a formal declaration of a testator's intentions with regard to his property that he wants to be carried out after his death.

So who are the various individuals who can help you in preparing a Will? One can get assistance from a variety of people and experts when creating a will. The decision is frequently influenced by unique requirements, the complexity of estate, etc. Here are a few possibilities:

• Attorney or Solicitor: One of the most popular and advised methods for creating a will is to consult with an attorney or solicitor. These attorneys have a focus on estate planning and can offer knowledgeable advice. They can create a will that is customized to your particular situation and complies with regional laws and regulations. Additionally, they can provide guidance on reducing taxes and potential legal issues.
• Online Will Writing Services: There are many software platforms and will writing services available online that may help you draft a will. These services are appropriate for relatively simple estates and can be more affordable than engaging an attorney. They might not be the best option, though, for complicated or expensive estates.
• Trust companies: A few financial institutions and trust businesses provide estate planning services, such as will drafting. They might have experts on staff who can help you with your estate planning and will.
• Notary Public: In some states, a notary public can help with wills in certain restricted ways, such as by witnessing your signing and confirming your identity. However, they might not have the right to offer legal counsel or complete will drafting.
• By yourself or with the help of family and friends: You can also try to draft a will on your own with the use of templates or instructions that are accessible online or from legal self-help publications. This method, however, does not guarantee that your will complies with all legal requirements or that it adequately handles your particular circumstances, which could cause issues in the future.
• Financial Planners: Some financial advisers and planners are knowledgeable with estate planning and can offer suggestions for drafting a simple will. They might not possess the same level of legal expertise as an attorney, despite that fact they can provide insightful advice.
• Accountants: Accountants, especially those with a focus on tax planning, can provide guidance on the financial aspects of estate planning, including lowering taxes.

Now that you’re aware of the various professionals and individuals who could help you in drafting your Will, you may be wondering what it may cost to employ a persons services for will drafting, if there will be any additional costs, registration costs and so on-

Lawyer and drafting expenses must be paid, however stamp duty is not applied when a will is registered. While registering a will, you must pay a registration fee. Even just drafting a Will normally by an experienced lawyer costs between Rs. 10,000 and Rs. 15,000

Depending on their experience, location, the complexity of your estate, and the services you need, hiring professionals to assist you in creating a will in India may cost you different amounts. The probable expenses for each of the specialists or services indicated in India are summarized below:

• Attorney or Solicitor: In India, the cost of hiring an attorney or solicitor to draft a will might range greatly. Wills that are straightforward may cost a few thousand Indian Rupees (INR), however more intricate wills that include trusts, tax planning, and several beneficiaries may cost more. The price schedule can vary from one lawyer to the next and is frequently based on an hourly rate or flat fee. A flat fee agreement eases tension between the parties and fosters a strong client-attorney relationship.

Some attorneys, nevertheless, might not be fixed on a specific flat rate. Depending on their circumstances, different clients may be charged in different ways. As a result, you must consult with the attorney to determine the exact fee for drafting your Will. It is recommended to meet with a lawyer and discuss your wants and situation with them.

• Online Will Writing Services: Prices for online will writing services normally range from a few hundred to a few thousand Indian Rupees (INR), depending on the level of customization and supplementary services offered. Although these services typically cost less than hiring an attorney, they might not provide the same degree of individualized attention or legal counsel.
• Financial Planners: Depending on the financial planner's credentials and the intricacy of your estate, the cost of engaging one to prepare your will in India may vary. They could impose flat fees or hourly rates. A few thousand INR or more may be required for more in-depth financial planning services.
• Accountants: If you require help with intricate financial issues or tax planning, Indian accountants may charge fees for estate planning services. Depending on the precise services requested and the accountant's level of skill, fees can vary greatly.
• Trust firms: Will preparation services are often charged for by trust firms in India. Depending on the services provided and the intricacy of your estate, prices may change. It is wise to get estimates from many businesses to compare costs.
• Notary officials: According on the region and the notary's fee schedule, notary public fees in India often range from a few hundred INR to a thousand INR or more for witnessing the signing of a will.
• Self-Preparation: Since you are just paying for any document fees or notary services, creating a will on your own using templates or online resources can be the most economical choice. However, it could not be appropriate for complicated estates, and mistakes in the document could result in problems with the law.

These price ranges are approximations and may change depending on unique personal circumstances and regional variations. It's crucial to get quotations from or speak with a variety of professionals while looking for help preparing a will in India in order to understand their unique services and cost structures. Also take into account the potential advantages of expert guidance in terms of securing the legitimacy and efficacy of your will.

A list of every asset, including your home, jewelry, automobiles, and all bank accounts, including checking and savings accounts, life insurance policies, and certificates of deposit, or CDs, should be made while creating a will.

You must also make a separate list of all your beneficiaries and the assets that each must inherit. Make a note for how issues will be addressed later in the Will if there are any specific concerns, such as how the accounts must be divided when minors receive the asset or what will happen to your property.

All in all, no matter how much money you have or how much debt you have, making a will is a wise idea. To facilitate a smooth transfer of your assets to the intended receivers, you should ideally draft one. It is affordable, and you are free to alter or revise it as often as you choose. It is possible to register every new version and pay the needed registration fee.