Every educated individual knows that if some uncertainty was to occur, a nominee for all
your financial products is enough to pass on all your wealth without any legal issues.
WRONG! It’s a common misconception. Will is the only way to ensure that your hard earned
wealth is distributed to the right people in the manner that you want.
Will is written Document by a person who directs how his assets are distributed after his
death. A person who writes a will is called testator. Testator has to appoint an executor;
executor is a person who is a next owner/s of the specific Assets. According to the law,
testator has a legal testamentary capacity to write a will, when making the will testator
should sign the will. The testator’s signature is not sufficient; it also requires two or
more witness signature. A will is not effective until death of testator, and he/she can
change or revise a will anytime as per his requirement.
To wit, if you die without preparing a WILL in India, your wealth will then be distributed
as per ‘Hindu Succession Law’. Creating a will is one of the best gifts for your loved ones.
Writing the ownership of your assets on paper helps your loved one to avoid unnecessary
fighting, and you gain peace of mind. Also Will gives you the satisfaction that
will be handed over in right hand.
Person involved while making a Will:
A person who write a will.
Executor is a person who makes sure that your wishes are fulfilled and
assets are properly distributed.
Guardian is a person who takes care of you children who are below 18
Bequeath of property:
This is a person the get beneficiary from the will.
Proof for will writing.
The inconvenience caused to your family members because of your laziness in not making a
will for them. In case of a dispute, your family members have to produce the proof about
relationship with and also have to go helter-skelter to lawyers and spend money and
How to prepare a will?
- Provide list of items and their current values, like house, land, bank fixed
deposits, postal investments, mutual funds, share certificates owned by you.
- You have to fill your all personal details like gender, married, religions, etc.
- You have to be sure about your mental soundness and physical fitness while making a
- You have to fill spouse and children (if any) details while making a will.
- You have to select two executors(Alternative executor & Primary executor) and the
age of the executor should be less than 30.
- If primary executor fails to fulfil his duty, the alternative executor will come
into the picture.
- You have to fill the details of guardian. (Appointment of guardian is not necessary,
if your children are below 18 years according to the law guardian is a person who
takes care of your children).
- You have to fill the immovable property detail like flat, office etc.
- You have to fill the Insurance data if any.
- You have to enter your vehicle details if any owned.
- If you want to enter the funeral expenses then you may enter funeral expenses in
online will page.
- You have to enter bequeath of property (It means the beneficiary of the property,
you can allocate an asset or any percentage of the allocated asset to the
- You have to mention bequeath of residual property if any.
- You have to mention bequeath of future properties (property which you may buy after
making this will) if any.
- You have to enter the alternative beneficiary (if primary beneficiary not able to do
so for whatever may be the reason.
- You can fill donation/charity details (like eye donation etc).
- You have to fill when WILL should come into force (after death).
- You have to fill the date and place of the signing.
- You have to fill details of two witness (they may be your friends, but they should
be ready to be present in court as and when required by the court to check the
genuinely of the will).
What if I don’t have a will?
If you don’t have a will it may mislead the ownership of property after your death. In this
case the state law will distribute your assets according to the successor law, which will
lead to misunderstanding
within family and also it is not proper distribution of property as per people opinion. As
per state law half of the assets should go to the spouse and other half of the property
should go to children. In this case most of the conditions regarding sale of any property
are not possible.
Further complications arise if Children are minor, as per the Law one should appoint
representatives to look after their Interest.
Validity of will
A will is valid for all time there is no time bar for this. A will can be challenged within
12 years from the date of the death of the Testator.
Create Your Own Will
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beneficiaries? Don’t worry! MyWealthJunction has expert verified, pre-drafted, ready to use
platform which you can you use to create your personal Will in just minutes. All you need to
do is fill in your details, list of properties and beneficiaries. Go ahead, give it a try!