A will is the only tool that helps plan distribution of your assets after your demise. Here we give you the lowdown.
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To paraphrase a famous quote by Benjamin Franklin nothing in this world is certain, may be unpleasant but it is truth. While you may not be able to control when and how your life comes to an end, you can certainly decide how your assets are distributed after your death. If you’re wondering how to go about preparing your will we have some pointers to help you out.
A will is a legal declaration of a persons intention that she seeks to have performed after her death . Once made by the testator( the person making a will), it can only be revoked during her lifetime.
Why do I need it?
A will avoids confusion or family disputes. If you have sizeable property, it ensures smooth division of the same. Anyone who is above 21 years can make a will.
Where do I write one?
You can use websites like Ezeewill - the portals team of lawyers help you draft your will online. It is not necessary to legally register a will but doing so strengthens your case.
The will itself comes into effect after death. Keep in mind that a will is different from a codicil. The later is an addition to the will; it modifies or revokes a previous will provision or adds an additional provision.
How do I write one?
Start with a declaration, the maker has to declare that he or she is making this will in their full senses, and they are free from any kind of pressure. Mention the date, your full name, address and age at the time of writing the will, so that it confirms the authenticity. Next, mention all the assets that you are bequeathing. Provide a list with complete details of all items and their current value. Also state where you have stored all your relevant documents to your assets. Against each asset, mention the full names and addresses of the beneficiaries. You will also need to enlist an executor who will execute your will as per your wishes, and allot the assets to each beneficiary. You must get your will attested. This means you must sign the will in the presence of at least two independent witnesses. They have to sign after you do, certifying that the will was signed by you in their presence.