1220949 SIP myths you must know!

Are multiple Wills required for multiple properties? This is a question that has been asked by several people with multiple properties and assets, and successors.

Before we answer this, let’s understand what a will is and why it should be made.

A will is a legal document that ensures that after a person’s death, his property is distributed according to his wishes. The person on whose name the will is made is the testator. He becomes the owner of the property after owner’s death.

Wills become effective after the death of the owner.

In such cases, the person who writes the will can cancel or change it anytime during his lifetime.

People who have property, whether less or more, can easily get a will prepared to give their property to future generations or someone else. However, making a will is generally overlooked.

Family disputes over property are common. There are plenty of such cases in Courts.

A will reduces the disputes and litigation among heirs regarding land and property distribution.

Through a will after your death, you can hand over your property to those whom you want to give it to.

In case of multiple properties, a person can make different wills for each of the properties.

However, this can create confusion among beneficiaries who are supposed to get acquisition of the properties.

In addition, having multiple wills can make it difficult to manage too many documents.

For this reason, they may incur higher legal expenses in case of conflicting terms mentioned in different wills made.

Different wills with conflicting terms, can create conditions that may in turn cause disputes and legal difficulties among beneficiaries.

To avoid such a situation, you should create a single will that covers all your assets. Prepare a list of all your properties, cash, jewelry, and other types of assets. Mention all these in the will. Specify which property goes to which person and in what proportion. Also mention any outstanding debts if you have any.

You should choose an executor for the will. The executor’s job is to distribute the assets according to your wishes.

A close friend or relative can be chosen as an executor. It’s advisable that the executor should be someone who does not directly benefit from the will.

The will should be signed by you, the testator, and there should be two witnesses. If possible, one of the witnesses should be a doctor. This will help you avoid any disputes that may arise later n about your mental state at the time of making of the will.

Registration of the will is not mandatory. but it will secure your will and reduce the chances of any disputes that would have arisen in the future.

Challenges to the will can be made in court. To minimize these challenges, you can have a video recording of creation of the will.

If you don’t want to include a specific person as a beneficiary of your estate, then, you can mention that also in the will.

Remember that the final will shall be considered valid. Estate planning, including making of the wills, is an important aspect. if you have any confusion, you can seek legal advice.