I don’t need a Will.
Estate Planning is for the wealthy.
I’ll think about it after my retirement.
I have registered my nominees. Everything is set in place.
My daughter/son/legal heirs are mature enough!
These are some of the common myths surrounding estate planning. Contrary to what many people might think, estate planning is essential for all. We tread within the uncertainties of life. Preparing a Will is about how you would like your assets passed down in your absence.
If a person dies intestate (Without a Will), their assets are distributed according to their religion. The critical point to note is that the law may not take your personal preferences into account when distributing your assets. Not only will the Will take care of these preferences,but a clear and precise Will ensures a seamless distribution of your assets, thereby avoiding any discomfort to your family.
- A Will is a legal document that declares how the testator (the person who has written the Will) would like their properties to be distributed after their death. Anyone above the age of 18 who is mentally sound can write a Will. The Will comes into effect after the testator’s demise.
- A Will can either be written on paper or typed. You should be precise and clear about the assets and the proportion in which you would like to distribute them among your beneficiaries. It is always prudent to seek the advice of an advocate regarding this. In addition, yourWill should be clearly dated. If one or more Will exists, the latest will supersede all the previous Wills.
- A Will also requires the signature of two witnesses. You can also appoint an executor who will look after the process of distribution of assets after your demise. Moreover, each page of your Will should be serially numbered and signed by you along with the witnesses. This can help prevent any unnecessary altercations and thwart attempts to commit fraud.
- Registering a Will is not mandatory, but you can register a Will by approaching the sub-registrar in your jurisdiction. In this process, a sealed copy of the Will is to be deposited with the registrar bearing the testator’s name. A registered Will can help you prevent the chances of any fraud and tampering in your Will. Also, in case of misplacement, you can always seek a copy of the Will from the registrar.
- Probate: Probate is a legal process carried out after the testator’s demise involving certification & validation of the will. The court of law certifies the Will, and the testator’s executor is handed over the administration of the assets. Probate is the official validation of the executor’s authority.
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– Nischay Avichal