Things to Keep in Mind while making a will - A Guide for NRIs

Making a will is one of the most critical things one can do for the loved ones. Here, we have discussed the points that one must consider and the decisions one must make before making your will, and then the actual making of the will gets easier..

It’s a myth that making a will is the right of only the rich. Any adult who wants to ensure a fair & just distribution of his assets can write a will. The assets could include property, gold, financial investments, art and artefacts, even hard cash lying at home.

Every individual should write a will so that his/her heirs do not face difficulties in accessing what is rightfully theirs.

Some guidelines for making the Will

• A Will can be written by any person who is 21 years old, of a healthy mind, and without any coercion, fraudulence and unnecessary influence. With old-age will accompany a number of physical as well as psychological ailments. A Will prepared at this age, when an individual may not be in his or her ideal senses can result in distress, uncertainties, and conflicts in the family down the road. Therefore, you need to put together your Will at a comparatively younger age while you are healthy so as to prevent issues in the future.
• You should make use of the headline ‘Last Will and Testament Of (specify your full name here)’ to elucidate that the document is your Will and is legitimate. Furthermore, mention your complete name, existing home address along with the fact that you are in a healthy psychological state and do not have any duress from anybody to write the Will.
• Mention an executor, an individual who will administer the tenets of the Will. A reliable person must be labeled as an executor and you should get their consent before nominating their name. The reason being that in case they reject to be an executor in the future, then there may be nobody to execute the Will, leaving it in the hands of the court of law to designate an executor.
• A Will could possibly be handwritten or even typed in. No stamp paper is needed. You can draft a Will on a basic A4 size paper, put your signature on it, and date it with two witnesses and ensure that it stays in a safe place. It surely is not obligatory for a person to register a Will with the Registration Authority; however so as to stay out of scams and tampering, it is actually better to register it.
• For those who have bequeathed your assets to a minor, ensure that you designate a guardian for the possessions right until the time the minor reaches an adult age.
• It is vitally essential for a Will to be straightforward, accurate and apparent. Or else someone may misconstrue your motives and your belongings may not be transferred to your chosen beneficiaries.
• You can make modifications or even minor adjustments in a Will if you want to do it. Nevertheless, if there are a lot of major modifications, it is advisable to create a completely new Will.
• All pages of the Will must be numbered in a serial order and should have the signature of the Testator (who is the individual writing his/her will) along with the witnesses. This is to protect the Will from getting swapped, altered, or pages getting added by the people who have an intention of committing fraudulence.
• When writing a Will in accordance with the legal guidelines of the country, one’s religion additionally plays a significant role. Therefore, you need to always keep that in mind when writing the Will.
• Even though it is workable to write a Will by yourself, it is normally preferable for NRIs to seek the help of a dependable NRI lawyer while creating a Will. This would bring down any kind of possibilities of misinterpretation or scams from family members and also help prevent the likelihood of the Will getting reported as being invalid in the Indian court.

10 Aspects that Need to be Considered While Writing a Will :-

How do you ensure that Will is free of loopholes?

To assure that your will is impeccable, follow the following instructions:

• Personal Details to be given while making a will
  The testator’s name, personal details, fathers name and residential address should be explicitly stated. The date is crucial, mainly if the latest Will succeeds those made earlier and it must be mentioned in figures to rule out any fudging.
• Verify free will
  Verifying free will helps to declare upfront that the testator was not under any compulsion or influence while making the will. The witnesses must also attest this at the end of the will.
• Attach executor’s details with the will
  The executor of the will is the backbone of the entire process. Mention his/her name, your relationship with that person and the address to avoid misrepresentation.
• State complete Details of All the Assets
  Mention complete information about the immovable property mentioned in the Will. State the entire bank accounts details, and attach the relevant deposits, lockers and insurance policies papers with the will.
• Identify the beneficiaries clearly
  The name and address of the beneficiaries should be mentioned clearly.
• Give details of Mutual Funds Collectibles
  While willing mutual fund investments, give the folio number though individual scheme names need not be named. Also, the collectables and artefacts being willed should be clearly defined.
• Cover Other Assets
  Include any other asset you may have left out inadvertently while enumerating your net wealth.

Under what circumstances can a testator review his/her Will?

You should consider changing your will if:-

• You or any of the beneficiary mentioned in the will changes his or her name.
• there is a change in circumstances, and you want to eliminate a beneficiary or add a new one in the will.
• you sell any of the property mentioned in the will or acquire new ones.
• the executor of the will dies or is declared unfit due to old age or ill health.
• a beneficiary mentioned in the will dies.

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