A handwritten or
/ registered will has greater locus
standi than a typed one. However, get it checked by a lawyer to avoid any
disputes
A will looks like a
simple piece of paper. But, it changes the fortunes of many when enforced.
While anyone more than 21 years of age in India can make one, the question is
how many of us actually do so.
It is a way of
ensuring there are no disputes over distribution of assets & wealth after one passes on.
Though, even after a
will is executed, inheritors could have disputes over what they get. There is
no surety that the people to whom wealth is to be bequeathed will not contest a
will in the court.
Mr. Ameet Hariani,
Managing Partner, Hariani & Co, said: "There is a solution for such
problems. The testator (person who makes the will) can add a clause that any
inheritor who contests the will shall not be liable to get whatever he was
supposed to inherit."
Such clauses can be
added as required. Hence, experts say, it is best to take legal help even if
you're making a will in your own handwriting. There should be no gaps in a will
to leave room for any disputes. A look here at some ways of drafting a will.
Single Will..
This will is drafted
or / made by an individual to bequeath
assets owned by him/her to his/her family, relatives or friends.
Planners say this is
a sensitive topic & people are not yet comfortable talking about this. If
your family structure is diverse &
you want to leave your wealth to different members, you should have a
will in place.
Otherwise, on your
death, the accumulated wealth automatically gets distributed in line with
succession law - these differ by the faith you follow.
Joint Will..
This one is prepared
by persons who jointly hold properties & wealth. It is a single document,
wherein two or / more persons agree to
bequeath property as a team.
"In other words,
this one document does the job of multiple wills. Hence, joint wills are
complicated to draft and execute," said Mr. Richa Kapre, Director,
Investments, Altamount Capital.
Why?
Drafting can be complicated, as it is not
necessary that every living testator will agree to bequeath the property to a
common person.
Additionally, since
this will has too many testators, there is a possibility that it can be changed
or cancelled by any testator at any time during their life. The latest will
made and signed by all testators will be valid.
Mirror Will..
This type of will is only for couples who jointly
hold assets. Couples who hold bank accounts, properties and investments jointly
can get one drafted - exactly like each other but still made as two separate
documents.
These are individual
wills but the content is similar, so you can expect some discount for the
drafting by lawyers. In this case, the spouses bequeath property to each other
after death.
Mirror wills work in
cases where identical assets are jointly owned or / held.
Mutual Will..
These are just like
mirror wills. The only difference is that the assets to be bequeathed to the
spouse are different, unlike in the case of a mirror will.
Hence, if a couple
owns some property jointly and the rest in individual names, this option can be
exercised. This is for couples who majorly hold assets individually.
Oral Will..
As the name suggests,
it's orally done and is specifically applicable only to the armed forces in the
battlefield.
"If a soldier
who is about to die says something to one of his fellow men just before he
breathes his last words can be considered a valid will. However, the witness
has to present himself in court as evidence," adds Hariani.
As a general rule,
for any will to be valid, it needs to be signed by the testator in front of two
people who will witness the event. In addition, register the will, so that it
carries more weightage if contested.
A will can be updated
or changed as often as desired but only the one made on the latest date will be
valid for execution.
There are many ways
to make a will.
For instance, portals
can help you make an online will. Readymade draft templates & proformas can help you make a will, based on
your need. However, you cannot escape the legwork of registering it.
IN SUM..
* * Make sure the
will is signed by the testator and witnesses
* * Lawyers will
charge depending on the complexity of the will
* * Typically, the
cost of drafting a will is between Rs.
2,000 and Rs. 10,000
* * A registered will
has more locus standi
* * Joint wills are
easily revocable, due to more number of testators
** Make relevant changes in the mirror will on
purchase or / sale of an asset jointly held
* * A mutual will is
relevant if a couple has more of individually held assets
* * Oral will is only
for the armed forces
Src: BS
No comments:
Post a Comment