Here is part 1 of a multi part article on Will making..the author is a CA and a lawyer and practices as a Financial Adviser in Jalgoan along with her husband. Will update her full cv in a day or two when I receive it…

It is rightly said that “A person who dies without a will, leaves back a list of 100 relatives”. We all understand the importance of nominations in any financial instruments. Internet, google, movies and media have made people aware and educated. Yet there prevails a lot of confusion as well as hesitation as to “AM I CAPABLE OF DRAFTING AND EXECUTING MY WILL OR ANYONE ELSES LAST TESTAMENT?”

In fact, as Financial Advisors and Consultants we already go way ahead and make our clients add nominations in their investment & banking accounts. Then, in case of children; once they turn major from minor, addition of new member in family, change in status after marriage, change of nominee in Insurance policies from Parents to spouse, etc. But apart from this we normally do not move ahead for a proper estate planning, which is possible only through ‘PROPER DRAFTING & EXECUTING A WILL’.

Normally people feel their work is done after mere nominations or jointly holding any financial asset as well as immovable property, in EITHER or SURVIVOR mode. But a nominee or a Joint Owner is not the Beneficial Owner under the law. It is merely a STOP-GAP arrangement till Estate is executed and bequests are made. The ownership remains with BENEFICIARIES UNDER WILL or LEGAL HEIRS under the Act.

In case a person dies intestate i.e Without a Will the ownership in Financial Instruments and assets can only be transferred through SUCCESSION CERTIFICATE obtained from the High Court and Immovable assets through LETTER OF ADMINISTRATION. Both are legal documents and require a lot of time, legal fees and even stamp duty along with court fees. Hence it is the need of the hour to Execute a written Will as soon as there is ownership of estate.

Let us understand about WILL in a step by step manner:-

Step No.1: Choose your Beneficiaries.

A person makes a will when he desires to distribute his owned wealth to his near and dear ones after his death. In most of the cases the beneficiaries are wife/husband and children only. But sometime you may also wish to give some share of your wealth for the maintenance of your parents, the people who have helped you viz; servants, as well as relatives like a widowed sister and her children or any other person whom you like.

Step No 2: Draft your Will – Matter of a Will

1. Personal Details: You have to state your name, fathers name, residential address, age, date of birth and place where you are making the Will.
2. Declaration of Date: It is very important to clearly mention the date of writing your will in words in the start as well as last paragraph of the Will.
3. Free Will Validation: Clearly make a mention as to your sound mental health. Declare that you are not writing this will under any Force, Coercion or Undue Influence.
4. Details of Assets and its corresponding Beneficiary: You can write a will only for your wholly owned assets. Share in inherited property cannot be transferred through a will. Write a detailed list of :

Financial Assets like Bank Account details, Demat Account details, Locker Number, Mutual Funds along with Folio Numbers, Insurance Policies with their policy numbers, Deposits with government or other agencies for utilities, Advances, Shareholding in Joint stock Companies, Partnership firms, etc.

Immovable Assets like residential property, land – commercial or agricultural, property rights owned like TDR FSI, or any other constructed property along with the proper registration details, address of property along with the measurements and direction of the respective estate.

Each asset mentioned above preferably has to be separately written along with the name of the beneficiary and his share allotted in that property.

to be continued….