Five things you should know about preparing a will

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Not long ago, it was quite common for family members to decide verbally about how the assets should be distributed after the death of the head of a family. But with growing uncertainties, experts suggest it is good to have a written will as it not only safeguards your family from future disputes, but also keeps a record of assets and how they need to be distributed.

It is one of the most widely and commonly used methods of succession planning in India to transfer movable, immovable, tangible or intangible assets from one generation to the next.

If you planning to prepare a will, here are five things you should know:

1) Handwritten document: A will is a written document by which a person directs how his or her assets are to be distributed upon death. It is not that you need a lawyer or an advisor, as you can write it yourself in simple language. It can be as short as a few words or you can detail it over several pages. There are many online companies that offer services to prepare an e-will.

2) Appoint an executor: An executor is a person or can be an institution named in a will for implementing the will. He is responsible for the distribution of the assets of the testator. Experts recommend having an executor, as it is very crucial when the will is disputed and probate is required. It is advisable to obtain probate where there is a probability that the validity of the will can be contested in future on any ground.

3) Register a will: Though registration of the bill is not compulsory, experts recommend registering the will in order to avoid future disputes.

4) Supersedes nomination: A will is considered to be the supreme document and therefore it supersedes the nomination in case of a conflict between the two. In case there is neither a will nor a nomination, then the Indian Succession Act will apply.

5) Modification: The testator is the person who writes the will and he has the right to modify it anytime by recording the changes in another document which is known as “Codicil”. At the time of changing the will, the testator should also mention that it is the final and last document.