Step-by-step guide to writing a will
Writing a will might sound like something reserved for the wealthy or elderly. But as many legal experts and personal finance professionals emphasize, having a will is crucial for everyone, especially those with dependents, modest savings, and responsibilities. In this article, we demystify the process of writing a will, the legal nuances involved, and why it’s an act of responsibility rather than a luxury.
Nomination ≠ Inheritance
First things first, many people believe that nominating someone for their financial assets is sufficient. But nomination is only an administrative convenience—it doesn’t make the nominee the legal owner. The nominee acts like a trustee and must pass on the assets to the rightful legal heirs as per succession laws or your will. Without a will, this division could spark conflicts, especially when multiple heirs are involved.
To avoid such confusion, ensure that your nominee is also your intended legal heir as per your will.
Key components of a will
We spoke to Shaishavi Kadakia of Cyril Amarchand Mangaldas to get a step-by-step guide to drafting a will. You can even write one from your living room. Here are the essential parts:
- Personal information: Start with your name, age, address, and religion. Religion is important because different personal laws apply—for example, Muslims can only distribute one-third of their estate through a will.
- Revocation clause: If you’ve written a previous will, state that it is revoked. This helps avoid legal ambiguity in the future.
- Sound mind declaration: Mention that you’re writing the will in full consciousness and without coercion. This ensures validity.
- Asset distribution: List your assets (e.g., property, mutual funds, EPF, insurance) and whom you wish to give them to. You can:
- Itemized: Assign specific assets to specific individuals
- All-in-one: Leave your entire estate to one person
- Percentage-based: Divide assets among multiple people by percentage
- Hybrid approach: E.g., everything to the spouse except certain jewellery to the parents
- Guardianship for minors: If you have children under 18, appoint a guardian. You can also write a “letter of wishes” to guide how they should be raised or educated.
- Executor appointment: Name someone you trust to carry out the instructions in your will. This person is called the executor.
- Residuary clause: Include a statement on what happens to any forgotten or future assets, ensuring nothing falls into a legal void.
Witnessing and registration
Once written, print the will on plain paper. Sign it in the presence of two witnesses. These witnesses should ideally be people known to you, and their names and addresses should be included to identify them later.
Contrary to popular belief:
- No stamp paper is needed.
- Registration is optional.
- Notarization is not required.
However, registration and video recording the will’s signing can add extra credibility, especially if there’s a risk of future disputes.
Digital and international considerations
Online platforms can help generate a will, but Indian law requires a physical signature. Also, if you have assets abroad, consider making a separate will for each jurisdiction, as different countries have varying legal requirements.
Trusts
While a will is sufficient for most, a trust can be useful for complex estates or vulnerable beneficiaries (e.g., a cognitively challenged child). In a trust, a trustee holds and manages assets for beneficiaries, often beyond the age of 18.
Final Thoughts
Writing a will is an act of foresight, not pessimism. It protects your family, avoids legal gridlocks, and ensures your wishes are respected. Encourage your loved ones, especially aging parents, to write one as well. Remember, you can update your will at any time, especially after major life events like marriage, childbirth, or property acquisition.
A will isn’t just about money: it’s about peace of mind, both for you and those you leave behind. We have covered everything about wills comprehensively in the video above – from writing a will to how different succession laws work, when a probate is required, trusts, and how to include foreign assets in a will.
