Estate Planning: Here's Why You Need To Make A Will In Such Uncertain Times; Things To Keep In Mind

In case of multiple heirs, a Will offers the much-needed clarity about who gets what avoiding any possibilities of a legal disputes later.

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New Delhi: We are living in historic times, and the pandemic has changed the perception about our future. In these uncertain times, it is important to consider making a Will in order to ensure smooth transfer of assets to your dependents.

Why should you consider making a Will?

A Will is important to avoid any disputes, and the person making the Will (the testator) must ensure there is no ambiguity. In case of multiple heirs, a Will offers the much-needed clarity about who gets what, avoiding any possibilities of a legal dispute later. A Will is crucial to ensure there is no legal risk of your assets created over a lifetime running into disputes.

How to prepare a will?

You can write the Will on a piece of paper which becomes a valid will only after it is signed by two witnesses. These days there are various online do-it-yourself platforms where you can write your will.  If your last wish is complex, then it is always better to take advice of an experienced lawyer on estate-planning.

What are things to keep in mind for creating a Will?

It is important to mention about the testator’s debts and liabilities as on the date of signing it, or possible future ascertainable debt and liabilities and way of repayment.

Also, it must be written in the language known and understood by the testator. Incase, the Will has been written in a different language, the testator has to mention about taking help of a reliable person in comprehending about the Will to understand the content.

According to experts, the person by the side of testator must also be a witness, or an executor, or a beneficiary of the Will. Make sure that he two witnesses signing the document are not beneficiaries. Witnesses play a significant rooole as they certify that testator is in sound mind, not under any threat or coercion or not intoxicated.

It is important to note that every Will must name executors. In absence of this, administrative hassles can crop up for the beneficiaries, and later have to apply to a competent court for Letters of Administration in order to execute the Will.

Even though registration of a Will is not mandatory, it helps to ensure minimal litigation. A Will can be registered after the demise of the testator by the executor or any other beneficiary.

 A testator can change the Will at any point during their lifetime, in any way they deem fit through a ‘Codicil’. A codicil is a document typically signed by the testator among witnesses to make changes to an existing Will.

One has to bear in mind that succession planning is a continuous process and not to be undertaken in Covid-19 times.