A Will is the simplest form of succession planning, yet so sparingly used. It is simple because there is no prescribed format for making a Will and it can be made by anyone of sound mind, and over the age of 18. It is sparingly used, mainly due to a lack of information (and rampant misinformation). At Yellow, we are on a mission to set the record straight and equip our users with the facts about Will-making.

Myth #1: A Will should be made only when one is old or seriously ill.

Debunked: When it comes to writing a Will, the principle to follow is this - the sooner, the better. Writing a Will is good financial hygiene, and will help you to safeguard the interests of loved ones, especially those who are financially dependent on you. The right time to make a Will is now!

Myth #2: A Will has to be made by a lawyer and on stamp paper.

Debunked: If you have a sheet of paper and a pen, you can probably make your own Will. While you do need Witnesses, your Will needn’t be in the presence of a lawyer or written on stamp paper. You don’t need to make any payment while creating and signing a Will, either.

Myth#3: A Will must be compulsorily registered/notarised.

Debunked: Nope. You can choose to do either of these things, but they are not legally required. Section 18 of the Registration Act, 1908 clearly states that registering a Will is optional.

Myth #4: My assets will be automatically transferred to my loved ones, even if no Will is made.

Debunked: In the absence of a Will, assets are passed down as per the general succession laws (personal laws) applicable to you, based on your religion. This may not be ideal, as you may want to be able to choose what you’d like to bequeath, to whom, and in what proportion. A Will allows you to do this easily.

Myth#5: I will lose control over my assets by creating a Will.

Debunked: A Will comes into effect only after your death. During your lifetime, there is no dilution in control or ownership of assets. They are still your assets. You are free to deal with them in any manner you choose during your lifetime.

Myth#6: Appointing a Nominee on an asset is as good as making a Will.

Debunked: Appointing a Nominee is not the same as making a Will. A Nominee is a mere custodian or trustee of the property or asset in question. The ultimate right/ownership lies with the Beneficiary named in the Will, or the legal heir (as defined by personal laws per your religion).

Myth#7: A Will once made cannot be changed.

Debunked: A Will can be updated or changed as many times as you desire. Each time you make a new Will, the previous one becomes invalid. It is advisable to revisit your Will frequently, especially when there is an alteration in your assets or family.

Myth#8: Different Wills can be made for different assets.

Debunked: This is only partially false. Separate Wills for different assets are best avoided if the assets are all in the same country. However, if you have an asset in a different country, it makes sense from an ease of administration point of view to make a separate Will for it. In such cases, the Will should clearly mention that it’s valid for that specific country only.

Myth#9: A Will is only for the wealthy.

Debunked: If you have an asset you want to pass on to your loved ones after you die, a Will is for you. It is for everyone who wants to ensure that their loved ones face minimal financial challenges and uncertainty after their lifetime. Yellow aims to make Will-writing accessible to each and every individual.

Myth#10: Making a Will is time-consuming and costly.

Debunked: With Yellow, you can make a legally valid Will in no time! Our app will guide you through all the steps involved, and is more affordable than other online and offline alternatives in India.

Myth#11: A Will will cause family tension and disputes.

Debunked: As a society, it is high time we address this cultural taboo. Succession planning deserves as much importance as the topics of personal finance and investments, and a discussion about your Will with those you trust is not something to be feared, but to be normalised and encouraged.

Now that we’ve cleared your doubts, it’s time to take the first step toward creating your own succession plan.

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