Drafting a Will is legal, but you should do it in the right way to ensure that your intentions are followed. Here is a guide penned for you to draft a Will correctly and without the assistance of a lawyer.
One of the most significant financial measures you can do is draft a will. A will permits you to determine what happens to your hard-earned belongings after you pass away. It may also guarantee that treasured loved ones and acquaintances are appropriately cared for.
Working with an attorney or a legal expert can be the best way to prepare a will for you. A lawyer can assist you in understanding the legal needs for creating a valid will and managing complex concerns, including what you should do if you leave funds to kids to be cared for.
However, not everyone needs legal assistance or is willing to pay the associated expenses. If you do not, you will need to figure out how to prepare a concurrent wills in India without the need for a legal expert or attorney to ensure everything is ticked. Here is what you need to consider.
Draft a will without a lawyer can be a cost-effective way to ensure that your assets are distributed according to your wishes after your death.
How to Write a Will?
Writing a will might seem complicated, but with the right information, it’s quite manageable. While there isn’t a strict way to structure a will, there are important elements you must include to ensure it stands up legally. Let’s walk through the process step by step.
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Ensure Mental Clarity and Intent
Start by making it clear that you’re of sound mind and not under pressure from anyone. This sets the foundation for a legally binding will.
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Appoint an Executor and Revoke Previous Wills
State who you want to carry out your wishes after you’re gone. Also, declare that any old wills or changes you made before are no longer valid.
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List All Your Assets
Don’t miss a thing. Write down all your belongings like properties, savings, mutual funds, and fixed deposits.
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Divide Your Assets Clearly
Make sure there’s no confusion about who gets what. If you’re leaving something to a minor, specify their custodian, preferably someone you trust.
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Get Signatures from Witnesses
Your will needs to be signed by you and two witnesses. Their signatures confirm that you signed it in their presence.
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Date and Location
Put the date and place where you will sign the will. Also, include the complete names and addresses of your witnesses.
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Sign and Countersign Every Page
Both you and your witnesses should sign each page of the will. Later, if you need to correct something, both you and your witnesses need to countersign the change.
Important sections of WILL: What are the Sections of a Will?
A well-structured will contains crucial sections:
- Personal Information: Include your name, father’s name, address, and birth date.
- Declaration of Date: Clearly mention when you’re preparing the will.
- Free Will Validation: State that you’re making the will freely and not under anyone’s influence.
- Executor’s Details: Name your chosen executor and provide their details.
- Assets and Beneficiaries: List your properties and assets, and specify who should receive them.
- Signature and Witness Signature: Your signature and those of the two witnesses are essential.
Important Terms Associated with a Will
Let us now take a look at some key terms you may come across while drafting a will –
- Testator: The person making the will.
- Executor: The person who carries out your wishes following your demise.
- Codicil: A part of a will that adds to or changes it.
- Beneficiary: A person inheriting under your will.
- Probate: A certified and sealed copy of your will executed by a court.
- Administrator: A representative who divides assets when there’s no will.
- Intestate: The act of passing away without a valid will. During such circumstances, the asset division is guided by laws.
Steps Required for Creating E-Will
Making an e-will is simpler than ever:
- Register online: Sign up on a service provider’s website. Vakilsearch’s Will Drafting services are highly recommended,
- Pay fees: Different providers might have varying fees. Lucky for you Vakilsearch offers the most affordable and competitive pricing for draft a will services in India.
- Fill out the form: Enter your family details and assets.
- Draft preparation: Skilled lawyers from Vakilsearch will create your draft a will.
- Draft review: Thereafter you will get a rough draft of the will via email.
- Finalizing of the draft: You can ask for any iteration to be made if required.
- Final Draft Delivery: Thereafter, you will receive the final version with instructions for signing.
Different Ways to Draft a Will
There are a few ways where you can draft a will. Continue reading to learn more.
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Paid Online Service
There’s no lack of online will service providers, similar to organisations that offer registered agent services or LLCs. Paid online will services are typically marketed as Trust or Estate Planning. Drafting a will is often simply one of the many services offered by these firms, making them an excellent alternative for anyone wishing to construct trusts, powers of attorney, and other estate planning paperwork. We recommend that you only use a firm like this if competent lawyers thoroughly evaluate their work to verify the papers will pass legal congeries.
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Paid In-Person Service (Attorney or Lawyer)
Hiring an attorney or lawyer to make your will is the typical path the general population chooses, and there’s nothing terrible about it. Having an expert carefully help you in your will-making process may provide a degree of security you won’t get anywhere else. These services tend to be more time-consuming and expensive compared to alternative possibilities. Finding an expert you can pin your trust on might be challenging, relying on where you reside. Furthermore, you should visit a lawyer if you have a considerable estate, complex kike property in numerous jurisdictions, or problems regarding trusts or Medicaid planning.
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Buy a DIY Kit or Template
A Do-It-Yourself Will Kit is available for purchase over the web and in some brick-and-mortar retailers. These kits provide all the instructions, samples, and templates you’ll need to draft and legally authenticate your will. Irrespective of location, you may select kits that correspond to your nation of citizenship to ease the procedure. Kit pricing is comparable to or less expensive than utilising a paid online will-making service. However, these kits often give only generic wills, so if you are aware that the estate planning is complicated or have a large estate, you must choose a paid service to provide you with direct help.
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Draft Your Own
Draft a Will may seem complicated, but it is pretty easy if you have a simple estate. Before attempting to draft a will, you must be conversant with legal terminology. These things can be executed if you utilise a template or DIY kit. If you decide to draft it fully yourself, make sure you are aware of any legal needs in your state and nation before proceeding. Every state and nation can have distinct rules governing estates and wills, and your paperwork should most likely fulfil these requirements before it can be recognised as legitimate. “Holographic wills” are handwritten wills. These wills aren’t recognised in all states and can be easily found void by a court. As a result, we don’t propose creating the final writing of your will.
Drafting a Will Without a Lawyer’s Help: How to Do It
If you plan to draft a will without the assistance of a lawyer, there are several factors to consider to guarantee you have a valid will.
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Determine How You Will Draft Your Will
There exist several offline and online tools available to assist you in creating a DIY will, like a DIY will kit and blank will forms. One possibility is to make use of an online will-making platform.
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Include the Appropriate Text to Make Your Will Legally Binding
To be legally legitimate, every will should fulfil specific conditions, irrespective of how they are created. To ensure that your will is legally acknowledged, you should:
- In the paperwork, declare unequivocally that this is your final will.
- You should include your entire legal name, so that who owns the paper is apparent.
- Declare that you are of sound mind and are not under any duress to make your will.
The statements mentioned above make it obvious that you wish the paper to serve as your will. This clarity might help to avoid confusion and deter others from disputing your will in inheritance court.
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Make a Guardian Choice for your Children (Minor)
If you have minor children, this can be one of the most crucial things you carry out in your will. A guardian (legal) has the legal power and obligation to care for your kids if you are incapacitated. You can name a reliable individual in your will to care for your kids if you expire. It is a great idea to choose a backup guardian if your initial option is unable to complete their responsibilities.
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List Your Possessions
In your will, you should list all of your belongings. It includes the following:
- Financial assets: Retirement accounts, investments, and bank
- Physical property: Home, family heirlooms, and automobiles
It’s beneficial to be detailed when you are listing your assets. Instead of saying, “my automobile goes to my son”, put down the vehicle’s colour, make and model, as well as your son’s entire legal name.
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Determine Who Will Receive Each of Your Belongings
After identifying your belongings, you must select the persons or organisations to get each item. These heirs are referred to as “beneficiaries”. Once again, be explicit – use the entire legal name of your recipients. If you wish to leave belongings to a not-for-profit, mention their EIN so that they may be identified. It is also a great idea to identify backup recipients for your assets if your primary beneficiary dies. You should also check that your recipient designations are consistent with the recipients you select for non-inheritance belongings, such as your life insurance plan.
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Determine a Residuary Recipient
The balance of your inheritance is distributed to your residuary recipient. It might include belongings that other recipients did not claim or belongings for which you didn’t identify a recipient. Your residuary recipient might be a charitable organisation.
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Make a Decision on What’s Going to Happen to Your Pets
Since pets are often considered members of our families, they are regarded as assets as per the law. It implies you cannot identify them as recipients or leave the property. However, you may appoint a pet guardian to look after your pet when you die, appointing someone as the recipient of the pet. You may also set money aside from your estate to pay the cost of their care.
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Select a Will Executor
The executor of your will is the individual who is going to read your will and execute your last desires. They will conduct the probate procedure and transfer assets to your recipients, among other things.
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In the Presence of Witnesses, Print and Sign the Will
This is a critical step since your holographic will is not legitimate unless you duly sign it. When you sign your will, you must have witnesses to sign it. Most states need two witnesses. They can be roommates, neighbours, extended family, or friends.
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Keep Your Will in a Secure Place
As soon as your will has been created, duly signed, as well as witnessed, it must be kept in an easily accessible but secure location. You should tell the will executor and your loved ones where your duplicate original wills is stored so they find it easy to look when the time comes.
Conclusion
Draft a will is one of the most critical procedures in property planning. Ensure you thoroughly consider whether you can manage it all yourself or seek legal assistance. You may safeguard your loved one’s well-being after your death by making an educated decision. Also, even if no significant changes occurred in your life, it can be a great idea to set aside a daily period to revise your will, probably every other year. You might be shocked at what belongings you think are essential enough to explain two years in advance. Similarly, your views on recipients and aspirations for wealth division may evolve. It is, at the very least, an excellent method to keep thinking about the coming times.
FAQs on Draft a Will
Is there any format for writing a will?
There's no fixed format, but including the above-mentioned sections and details are essential.
How a will is drafted?
There's no fixed format, but including specific sections and details is essential.
What is the best form of will?
The best will format for you depends on your individual circumstances. Consulting legal experts from Vakilsearch can help you decide.
How can I write a will without a lawyer in India?
While it's possible, having legal guidance from Vakilsearch lawyers while draft a will can ensure accuracy and legal compliance.
What makes a Will legal in India?
A valid will requires soundness of mind, no undue influence, and consensual signatures.
Can a handwritten Will be registered?
Handwritten wills can be valid, but registration will solidify their legal status.
What makes a will invalid in India?
A will can be invalidated due to a lack of mental capacity, undue influence, or improper execution.
How do I prove a will is valid in India?
Witnesses and proper execution play a significant role in proving a will's validity.
