Guide to Understanding, Creating, and Benefiting from a Last Will and Testament

The Power of WILL

What is a Will?

A will is a legally binding document that outlines your wishes regarding the distribution of your assets and the management of your affairs after your death. Under the Hindu Succession Act, 1925 any person who has a sound mind and who is not a minor is allowed to make a will. It serves several essential purposes:

1. Asset Distribution: A will specifies how your property, including real estate, money, investments, and personal belongings, should be distributed among your beneficiaries.
2. Guardianship: If your have minor children, a will allows you to designate a guardian who will take care of them in the event of your death.
3. Executor: You can appoint an executor in your will, someone you trust to manage the distribution of your assets and settle your debts after your passing.

Terms related to Will:

1. Testator: The person who creates and signs the will is the testator (if male) or testatrix (if female).
2. Beneficiary: Individuals or entities named in the will to receive specific assets or inherit a portion of the estate.
3. Executor/ Executrix: The person responsible for carrying out the instructions in the will and settling the testator’s affairs.
4. Intestate: An individual who dies without a valid will.
5. Probate: Will copy obtained, which is certified and sealed by a competent court of law.
6. Codicil: An amendment or addition in the existing will.
7. Administrator: A person who manages the deceased person’s assets if there is no will.

Benefits of making a Will:

1. Control: You have the power to dictate how your assets are distributed, ensuring your wishes are respected.
2. Minimized Conflict: A clear, legally binding will can help prevent disputes and conflicts among family members and beneficiaries.
3. Protection for minor children: You can appoint a guardian for your minor children, providing them a stable and loving environment.
4. Efficient Probate process: A well-drafted will can streamline the probate process, reducing the time and expense involved.
5. Tax Planning: A will can include strategies to minimize estate taxes, potentially saving your beneficiaries money.

Things to consider while making a Will:

When creating a will, its essential to consider the following things:

1. Seek Professional Guidance: Consult with an attorney experienced in estate planning to ensure your will is legally valid and comprehensive.
2. Inventory your Assets: Make a list of all your assets, including bank accounts, investments, real estate, personal property, and valuable possessions.
3. Choose an Executor: Select a responsible and trustworthy individual to act as the executor of your will.
4. Be Specific: Clearly state your wishes regarding asset distribution, beneficiaries, and any special bequests.
5. Keep it updated: Regularly review and update your will to reflect changes in your life, such as marriages, divorces, births or deaths in the family.
6. Store Safely: Keep your will in a secure location and inform your executor and close family members of its whereabouts.