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The Importance of making a Will !

June 30, 2012  by: ushakiran  Points: 12   Category: Others  Earning $0.60   Views: 667

Any person of sound mind who has reached the age of majority, which is 18 years can make a Will..

         

Where there is a Will, there is a way - A will is, in fact, the simplest way to ensure that your funds, property and personal effects will be distributed according to your wishes after your death ! By making a Will you not only ensure that your children are secure, you also reduce the likelihood of future feuds in the family which seems to be the norm in many families where an individul has died without making a will or any other legal arrangement for the disposal of his property and other belongings.

It is shocking to note that more than 75% of the people never bother to make a will and the court takes its own steps to distribute the properties according to the law of the land.This may even lead to the state claiming your properties since there are no proper direction from the individual concerned.

The Importance of making a will



It is to be noted that in India, the law with regard to the execution, attestation, revocation and interpretation of Wills is governed by the provisions of the Indian succession Act of 1925 in case of Hindus, Sikhs, Jains and Buddhists. Wills made by Muslims are governed by the Muslim Personal law and it is the same for Christians too.

Any person of sound mind who has reached the age of majority, which is 18 years and above can make a Will. However, in most cases wealth is generally accumulated normally towards the close of the middle years of a persons life. So ,it is wiser and more practical for a person to make his/her will ideally between the ages of 45 and 55 since by then you would have acquired most of your movaable and immovable assets. Later if you add on more assets you can always destroy the previous will and make a fresh one.




How to go about it



Making a will is realtively simple and easy.According to top lawyers of the country "The testator must clearly and in simple language specify his intention. Use of technical or difficult words must be avoided. The identity of the property being bequeathed must be very clearly specified, and the identity of the person entitled to the property must also be very clearly specified giving details of his father's name and relationship to the testator. This being the case , make sure that the will you are going to draw up is written clearly, without any confusing details that may later lead to a legal battle between the heirs.

It is always a wise decision to appoint an executor to your will especially so when you have many assets and a lot of wealth.The executor should be a trusted person who will ensure that the properties are distributed as per the intentions of the testator. It could be anybody from your family , or your family doctor , your lawyer or a trusted neighbour who does not have any interest or stake in the Will.

Is it necessary to get your will registered



Every system has some loopholes and one has to take care to see that one covers as many of them as possible.This is the case with a will too, since it can be manipulated and misused to any adavantage by the scrupulous .So it is advisable that one should get one's Will registered although registration of a Will is not compulsory under the Indian Registration Act, 1908.It is just a safety precaution taken by the individual!

However, an unregistered Will does not necessarily mean that the Will is invalid, but Registration of a will removes all doubts about the validity of the Will and makes it easy for the heirs to claim and distribute the assets among themselves without any legal hassel. In order to register the Will, one should go along with two witnesses to the office of the sub-registrar in your town.

Some precautions to be taken while drawing up a will



1, It is most advisable not to reveal the contents of one's will during one's life time since it can lead to foul play.One should make sure that the will is kept in a safe place and that it gets revealed by the executor only after the passing away of the individual.

2, Some people make several wills in their life time and have the habit of keeping all their wills without destroying the previous ones which is a dangerous practice. But , it is to be noted that only the last Will is the one that holds true. Doubts can be raised by contenders whether this is the last Will and so it is very essential to put down the date of execution and also make a mention of all the previous wills .Ideally one should destroy the previous will as soon as a new will is drawn.

3, One has to make sure that the property in question comes under the category of self acquired and that one has the right to will it. Ancestral properties cannot be willed and doing the same will cause a lot of problems with regard to the execution of the will since it becomes a legal issue that needs to be sorted out only in a court of law which may drag on indefinitely besides incurring huge legal expenditure !

4, Be fair ,just and impartial while making a will since a prejudiced will can be harmful in every way .One has to consider every single possibility impartially and then only draw up the will so that it does not lead to any disturbances and misunderstandings within the family or strain relationships.

5, Last but not least, it is always advisable to engage a lawyer to draw up your will since lawyers know how to word a will in the proper legal language and also are able to advise on all matters regarding the legality of your possesions that you intend to will.In many cases people make their lawyers the executors of their will.

Now that you know everything is taken care of you can enjoy your life !




Comment(s)
Author: Joseph        
Posted Date: 07/01/2012    Points:1    

Making a will for future will settle our future be safe. Nice article. Keep it up.
Author: Nupur        
Posted Date: 07/05/2012    Points:1    

Many of us do not know about the process of registration of a will. Very nice and informative article.
Author: ushakiran        
Posted Date: 07/09/2012        

Hi Joseph, Nupur thanks a lot for the feed back :)

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