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What is a Will?

A Will is a crucial legal document made by a person (Testator), which contains instructions to ensure that his assets are distributed as per his wishes after his death. A Will comes into effect after a person’s demise.

How do I make a Will?

Your Will can be handwritten or typed and can be on plain paper (no stamp paper required). Also, you can write your Will in any language suitable to you.

I have nominees on all my investments. What is the need for a Will?

As per Indian laws, a nominee is only a trustee, i.e. a nominee only holds assets on behalf of the beneficiary. Following the demise, the nominee does not become the rightful owner. Instead, a nominee will only act as the trustee of the assets until the legal heir(s) is/are established as per the Will or as per the applicable Succession Laws in the absence of a Will. Thereafter, the nominee has to transfer the properties to the rightful legal heirs. Note that a Nominee can also be a legal heir as determined by the Will or applicable Succession Laws.

Isn’t a Will complicated and time-consuming to create?

No! This is a commonly held misconception that prevents people from creating their Wills. With the help of Yellow, you will find that the process is simple, straightforward, and much quicker than you’d expect.

I’m only in my 30s/40s! Don’t only old people write a Will?

It is a misconceived notion in our society that Will making is meant solely for the elderly. The recent pandemic has taught us that life is uncertain, and just like you would take out an insurance policy to protect against some of that uncertainty, it is good financial hygiene to draw up a Will in order to safeguard the interests of loved ones; especially those who are financially dependent on you.

My children have been overseas and they have no idea of my assets in India. Won’t my Will itself seem alien to them?

It is common for children to be unaware of the assets owned by parents. In fact, a Will can be a great tool to list all your assets and provide the names and details of the person to whom you would like to pass on each asset; i.e., think of a Will like an asset register. Being overseas, your children may also be unfamiliar with the various legal processes in India that need to be undertaken after a demise. A Will can ensure that your intended heirs can benefit from your assets, as per your wishes in your Will. From this perspective, your choice of Executor is another key point to carefully think through.

Should I make a Will only after I reach a certain age?

Life is uncertain and sadly we are all aware of instances of untimely death. Globally, people buying life insurance policies at the young age of 25 or even earlier is becoming the new norm. Similarly, once you turn 18 years of age and own even a single asset (residential properties, Insurance Policy, bank account, shares, ESOPs, etc.) making a Will should become a way of life. Making a Will is a simple and effective way to protect the interests of those most important to you and you can always amend it as and when your life situation changes.

What happens if I die without a Will?

If you die without a Will the applicable Succession Laws take effect. These Succession Laws, depending on your religion and gender, specify what proportion of assets will be passed on to stipulated family members. This distribution may not be in accordance with what your wishes may have been. Court processes in the absence of a Will also result in lengthy delays before your loved ones receive their inheritances.

What should I include in my Will?

A Will should include the details of your family, assets, liabilities, Beneficiaries, an Executor, the names of two Witnesses, and the date and place of signing the Will. If you have minor children, you should also appoint a trusted Guardian. Yellow makes it easy to create a Will by handling all the legal details, allowing you to focus on what’s important: protecting the people closest to you.

Where should I keep/store my Will?

It is advisable to store your Will at a safe and secure location where your family can easily find it after your death. Never keep a Will in your own bank locker, as access to the locker will not be possible without furnishing the original Will. It may be kept in the safe custody of a trusted person or with professionals like custody agents, bankers, or solicitors who will take the necessary steps to inform the executor after your death.

Since under current Indian law, the physically executed Will is the only legally valid copy, safekeeping of your Will is of the utmost importance as it will also ensure that a disgruntled Beneficiary, natural disaster, or other event does not destroy the Will. In the event that this happens, it will be deemed that you have died intestate (i.e. without a Will). Your assets will then be disposed to your legal heirs as per the applicable Succession Laws.

The Executor and Beneficiaries must be informed about the place where the Will has been kept; the Yellow app can store the copy of the Will and the location information securely and release it to your Executor and Beneficiaries upon proof of your demise.

Which other properties/assets can be bequeathed in my Will?

One can bequeath pets, paintings, antiques, electronic items, furniture & fixtures, Intellectual properties like Trademark, Patents, Copyrights, Licenses, digital assets, Social Media Accounts, Personal Belongings, Books, etc. through a Will.

Who can make a Will?

Any person above the age of 18 years, who is of sound mind (i.e. capable of understanding one’s own actions), and free from any undue influences (i.e. coercion, threats, etc.) can make a legally valid Will.

Why do you need information about the religion I belong to?

Indian inheritance laws differ based on a person's religion. Therefore, in order to make your Will robust and give you the most relevant information for your specific needs, we ask about the religion you belong to. However, this is optional.

The Basics of making a Will

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