We make nomination for all the assets however, nominee doesn’t become owner of the assets, they are mere trustees.
Initially, nominee gets the transfer of the asset in her name but eventually, is bound to transfer the assets in favour of the legal heirs. The nomination must be ratified by a Will.
Will is a document that expresses how your property is to be distributed upon death. A Will that clearly lays out your wish reduces conflict and speculation over what you “would have” wanted.
Normally, we thinkthat we are not going to die so earlyor we have a habit of deferring actions which are common reasons for not having a Will. The realization that Will isnecessary comes too late – such as when an unexpected death or disability occurs. To avoid the added stress on families during an already emotional time, it may be wise to prepare Will before-hand and revise it at regular intervals.
Having a Will is very important since through this document you decide:
- how your property and assets will be distributed.
- who will take care of your minor children
- who will wind up the affairs of your estate
- you can disinherit individuals who would otherwise stand to inherit
- make gifts and donations from your property
In the absence of Will, the law will decide how your assets will be distributed. And in that case, the process becomes lengthy and, in most cases, give rise to family conflicts.
In India, there are four succession laws applicable depending on the religion you follow:
- Hindu Succession Act – Hindus, Sikhs, Jains and Buddhist
- Muslim Personal Law (Shariat) Application Act – Muslims
- Special Marriage Act – Inter faith marriages
- Indian Succession Act – Parsi, Christian, Jews and Others
You can prepare a Will yourself. No legal services are required to prepare a Will.
Simple steps to write a Will:
- Select beneficiaries to your assets / property
- Pick a guardian for your kids
- Choose the executor for your will
- List down who gets what
- Realistically assess the distribution of assets done
- How to write a Will:
- You can write Will on simple paper
- Write down the distribution of assets amongst beneficiaries as detailed above
- Put your signature on the Will
- Two external witnesses should be present while preparing the Will who will also put their signature
- A doctor certificate must be attached testifying sound health and sound mental condition
- Notarising the Will is not required
- Registration of the Will is not compulsory but is recommended
- Store your Will where others can find it. Don’t keep your original Will in a bank locker. Make sure that the executor knows about the Will.