Making a Will can often be tedious and should always be drawn after a thorough legal consultation. This article Will discuss the cost of making a Will in India.
Although death is inevitable and no one can be fully prepared for it, we should ensure our loved ones don’t face hardships after our demise by having a final will and testament to assist heirs and beneficiaries, especially when distributing assets.
Cost of Preparing a Will in India
Your geographical location and the complexity of the Will that needs to be drafted will be factors that will decide the cost of the will. Roughly, preparing a Will may cost you from a few hundred to several thousand rupees.
The cost of making a Will in India is between ₹10,000 and ₹15,000, which includes the cost of only preparing the Will. There is no need to pay any government fees to register a Will, except for the nominal scanning and photocopy charges.
Preparing a Will with Legal Help
A Lawyer may charge anywhere from ₹1200 to draft a Will, depending on their reputation, expertise, and experience. This fee is charged for various reasons. Lawyers can use pre-written forms, and a set of standard clauses for different situations. These forms are assembled as per the necessity of the client. Although it might not take much time for the lawyer to put together your document, the flat fee is mainly charged for the experience and expertise.
A flat fee arrangement helps both parties relax and creates a valuable relationship between client and attorney. Since there is no time constraint, the lawyer can take the necessary time to attend to your concerns, answer questions, and explain difficult procedures. You can also feel free to ask, call, or send an email with your doubt.
However, some lawyers may not be fixated on any special flat fee. Different clients may be charged differently depending on their circumstances. Therefore, you need to talk to the lawyer to know exactly how much they will charge you to draft your Will. It is advisable to meet a lawyer and explain your situation and needs to them.
Some estate planning lawyers can charge their clients by hours. Depending on the lawyer’s expertise and your location, it can vary from ₹150/hour to ₹200/hour. Lawyers working in big firms may charge higher rates than small firms, except for those where lawyers specialise in tax matters and estate planning. Sole practitioners may also charge less than law firms.
A lawyer specialising in estate planning can charge more than a general practitioner only if he is efficient and experienced. Many lawyers don’t charge for less than six minutes of their professional time. They use the method of six-minute increments, which is one-tenth of an hour, to keep track of their time.
Estate Planning Packages
Many Lawyers advise clients to make a reliable power of attorney for finances, health care, and living Will while abiding by state law. Every adult should have these power of attorneys to act on your behalf when necessary, especially when incapacitated due to any serious illness or accident. A living Trust is advisable as it adds momentum to court proceedings and relieves your family from additional expenses. Sometimes, making a living Trust can be costlier than making a Will- near about ₹1200- ₹1500.
Preparing a Will by Yourself
If you want to draft your Will with minimum cost, it is best to go for Do-It-Yourself kits. If issues regarding your final wishes are pretty straightforward and you don’t have many children, you should choose this option. The time involved is much less, and you can easily make updates.
Before settling with any kit, go through the reviews of the platforms where these kits are being sold. You also need to understand the legal language mentioned in the equipment before signing that document. Do check if those legal documents are enforceable in your state. You might also need to have witnesses and notarise your paper. These basic Will documents might not cover every aspect of life; therefore, hiring a lawyer for complicated situations is necessary.
Things to Remember When Preparing a Will
When preparing a Will, a list should be made of every asset, including your home, valuables, vehicles and all financial accounts, checking and savings accounts, life insurance policies and certificates of deposit or CDs.
Another list must include all your dependents and which asset must be inherited by whom. In the case of special considerations such as how the accounts have to be split up when minors inherit the asset or what will happen to your home, make a note that will be mentioned later in the Will. The list should include the following:
- Moveable properties, including cash, stocks, and others that will keep changing till the death of the property holder
- Immovable properties like apartments and land which does not change much
- A bucket comprising family heirlooms, and jewelry, which are of sentimental value to the family.
It is necessary to adjust the person’s liabilities against the overall assets to reduce them as much as possible. Before distributing the assets, the testator must bear these facts in mind.
For the movable properties, the heir could be added as a nominee or joint account holder so that the transmission of the asset is smoother. In the case of immovable properties, leaving the properties to a particular individual rather than to two or more persons jointly could prevent further disputes. If segregation is not possible, it should be mentioned in the Will as to how the property should be distributed.
Conclusion
Preparing your own Will with the DIY kits may seem like a good idea at the outset. However, with the numerous things that need to be taken into account, and the cost of making a Will in India, it is recommended to seek legal counsel from Vakilsearch.
