5 Things To Keep In Mind While Drafting A Will

Jun 16, 2018 | 1 year ago | Read Time: 2 minutes | By iKnowledge Team

Where there’s a will, there’s a way. But when it comes to writing a legal will, the way could be challenging. That’s because you need to be extra cautious when it comes to drafting a will. So, let’s look at the some of the important points you’ll have to keep in mind for drafting your will smoothly.

Appointing an executor

An executor is someone who takes care of your property after your demise. It is their duty to ensure that your property is distributed among your heirs as per your wish. Thus, you must appoint a reliable executor. It is even better if you get their consent to such an appointment. This reduces the possibility of any complications while execution. Remember that your executor should be at least 18 years old. Experts recommend having two executors. If one is unable to perform the assigned task, the other one can take over.

Arrange for witnesses

For the will to be valid, it must be signed by two witnesses. Each witness must sign the will in the presence of the other witness and the person who has prepared the will – the testator. You must ensure that none of the beneficiaries mentioned in the will or their spouse is a witness. Having a doctor or an advocate as your witnesses can be a good idea. The doctor can certify your health and the advocate can give legal advice.

Ambiguity in will

To ensure proper execution, your will must be clear. Avoid using ambiguous terms. Try to be as specific as possible. General terms leave ample of room for confusion, misinterpretation and conflict among the beneficiaries. You must also be careful about the names that you mention in the will. Do not use nicknames or incorrect spelling. This is likely to elongate the execution and settlement process. Most importantly, maintain alertness while quantifying your assets.

Updating will

You may write a will at an early stage. However, it is quite natural for your wishes to change. This can happen because of several reasons. There could be additions or deletions in the family, or there could be changes in your relationship with the beneficiaries. Acquisition or sale of assets could be yet another reason for the change. It is extremely important for you to update your will on these bases. Otherwise, the execution may not be as per your desires. To make minor changes to your will, you can write an additional statement known as a codicil. For major changes, you can cancel the old will and write a new one. 

Probation of will

You must know whether your executor will be required to obtain a probate for your will. Obtaining a probate means establishing the validity of the will. This is mandatory in certain cases. For example, if you are a Parsi, your executor will need a probate to distribute your property. A probate is also necessary in the case of immovable properties located in certain cities like Mumbai and Calcutta.

The bottom line

A will is an integral part of any retirement planning. However, while creating it, you must be careful of the challenges. Your will, after all, can have a profound impact on your loved ones.

To know about AegonLife’s life insurance products, visit our home page.

Advt. no.: IA/May 2018/4039

To know about AegonLife’s term insurance plans and other products like health insurance, visit our home page.


Calculate premium for your Term Plan

Prev
Can Pension Plans Reduce Tax Liability?
Next
What A Health Insurance Can Do For You…
GENDER
Date of Birth
DO YOU CONSUME TOBACCO?
Annual Income
Sum Assured
Select Cover Upto Age
Full Name
Mobile
Email ID
Your Monthly Premium for Aegon Life iTerm Insurance Plan

MOST READ

  • Jun 16, 2018
  • |
  • Read Time: 2 minutes

Section 80C, 80CCC & 80CCD Tax Deductions Explained

  • Jun 16, 2018
  • |
  • Read Time: 2 minutes

Tax Structure in India, Explained

RELATED ARTICLES