WILL is a legal declaration of a person with respect to his property on how his assets should be distributed according to his choice.
The person making the WILL is called a “Testator”
Through a WILL a Testator, can dispose off, any property movable or immovable, over which he is a beneficial owner after his death.
Why Should I make a WILL
If you make your will, you can:
- Bring your financial affairs to order, i.e. review the mode of holding.
- Have Nominations for each of your financial assets and property.
- Remove conflict by giving clear instructions in your inheritance plan.
- decide the beneficiaries to whom you wish to leave your wealth.
Who Can Make a WILL
Irrespective of their religion, anyone over the age of 21 can make a will. Hindus, Jains,Sikhs, Budhists, Parsis and Christians can bequeath all their entire assets by way of a will. Muslims, not married under Special Marriages Act, are allowed to bequeath only one third of their assets while the balance is bequeathed in accordance with Muslim personal laws.
How should a WILL be made?
A WILL must be in writing and should be signed by at least 2 witnesses.
A WILL can be revoked or altered at anytime, by the Testator, when any such property is disposed off during his lifetime. However, the same must be communicated in writing.
It is not compulsory to register a WILL. However, it is recommended to register a WILL. This would help preserve the WILL. Registration of a WILL is called a “Probate”.
A WILL can be registered in the sub registrars office, within whose jurisdiction the immovable property is situated.
Life is uncertain
Life has become increasingly uncertain with people having to battle increasing stress, accidents, new diseases. The impact of this is felt most seriously by single earner families.
Is anyone else aware of the assets you have created?
Too often we have seen that even the person creating the assets is not fully aware of all them – near and dear ones often have no clue leading to a lot of added stress at just the wrong time for the family. Share your knowledge through your Will.
What happens if you do NOT make a Will?
If you do not make a Will, intestate laws apply. These rules vary by gender and religion. For a Hindu married woman, for example, her parents are not Tier 1 heirs and highly probable that they do not receive anything.
A WILL can be challenged on the following grounds
- Under Coercion
- Last and Final
A nominee is only a trustee and therefore a WILL supersedes such nominations and having a WILL in place is mandatory, in spite of nominations made. Following are the areas that need a WILL in place, to ensure smooth transmission of assets.
- Bank Account
- Mutual funds
- Insurance companies
- Retirement benefits
When is a Nominee the owner: ( In the following cases, nomination supersedes a WILL)
- Demat Account
- Physical Shares
- Corporate Bonds and Debentures
- Can a Witness be a Beneficiary: NO!
- Can a witness be an executor: YES.
- Can a beneficiary be an executor: YES.
Will Secure is a secure online platform, which offers a comprehensive and structured guide to the process of WILL making.
About Will Secure:
WillSecure’s mission is to enable middle class India to have access to a high quality yet a simple and affordable platform to create a comprehensive Will.
- There are two allies to making a Will. The easier appreciated one is the ally who understands law – personal laws that are driven by religion or domicile, documentation that needs to be internally consistent, ensuring that plans made are not in contravention of the existing Indian legal framework.
- The often overlooked ally is someone who understands your investments financial products. That is because the manner in which you hold your assets (joint holdings and nominations) have a bearing on your Will.
- For the legal ally, WillSecure has partnered with Wadia Ghandy & Co., one of India’s premier law firms. You can ask questions and receive answers to these queries from the comfort of your home.
- Why Should I use Will Secure:
- Legal help: quick and easy access to one of India’s top law firms; Wadia, Ghandy & Co.
- Conflict alerts: In the event you bequeath an asset to someone other than the joint holder or nominee, the application alerts you to the possibility of a conflict and reminds you to rectify the situation.
- Ease of Edit: After you have taken the effort of creating a will, subsequent changes become easier given that your information is online and easily accessible by you.
Is your Data Safe Online
WillSecure has incorporated the following features to ensure that your information remains safe and protected:
- Strong internet security: there is 128-bit encryption of data traveling between your machine and our servers.
- Information confidentiality: your data is not shared with anyone other than who you choose to share it with (for example, you can choose to let your financial planner enter data on your behalf).
- Other features: Some of the other features that should give you peace of mind are: (a) just the basic details required to identify an asset are asked for, including the option to enter only the last four digits for your bank account number or the folio number of your mutual fund holdings; and (b) you do not have to enter the value for any of your assets.
- It is important you plan for your future today. A WILL helps summarize your assets and provide for smooth transmission.
We can help you on the same.
Please contact us for more information on the same.