5 Important Things to Know Before Making a Will
Making a Will is an important step to ensure that your money, property, and belongings are given to the right people after your death. But before you write one, here are five key things you should know:
1. What Makes a Will Legal?
To make a Will legally valid, you don’t need any fancy format or legal terms. All that’s needed is:
- Your clear intention to give away your assets after your death.
- You must be of sound mind and legally able to make a Will.
- Your wishes must be written down.
- You must sign the Will.
- Two people (witnesses) must see you sign the Will and sign it themselves.
A Will can be handwritten on plain paper. You don’t need to register it or get it stamped. Although these steps can help in some cases, they are not compulsory.
2. Who Are the People Involved?
When making a Will, there are a few key people involved:
- Testator: The person writing the Will.
- Beneficiaries: The people who will receive your assets.
- Executor: The person who will carry out your wishes after your death.
- Witnesses: Two people who will sign the Will after watching you sign it.
3. Is a Will Enough to Transfer Assets?
Just writing a Will is not always enough to transfer your assets. After your death:
- Your Will may need to be presented in court to get legal approval (this is called probate).
- No-objection certificates (NOCs) from beneficiaries may be required.
- A copy of the Will may need to be submitted to different authorities.
A Will makes the process smoother, but a few legal steps may still be required.
4. Wills Are Part of Estate Planning:
Writing a Will is part of a bigger process called estate planning. Before you write your Will, think about:
- Who needs your support?
- Who should get your property?
- Do you own a family business?
- How should your money or property be used or shared? Once you are clear on these things, writing the Will becomes easier and more meaningful.
5. What Happens If There Is No Will?
If someone dies without a valid Will, their assets are divided according to the personal laws of their religion. For example:
- Hindus, Muslims, Christians, and others have different rules.
- In some cases, the Indian Succession Act applies.
This may not match what you would have wanted. That’s why making a Will is very important.
Note: The information shared here is for educational purposes only. These are personal views and are not intended to promote any product or service.
