Drafting a Will is a profound gesture of foresight and compassion. It goes beyond the mere allocation of assets; it's a tangible expression of your concern and care for those you hold dear.

But, what is a Will? In simple terms, a Will is a legal document that outlines how you want your estate to be distributed after your death.

Whether it's about securing the future of mutual funds, safeguarding personal treasures, or ensuring the rightful passage of personal property, the importance of crafting a legally sound Will cannot be overstated.

It stands as a bulwark against familial disputes and legal entanglements, preserving your legacy exactly as you envision.

Without a Will, your estate is divided among your legal heirs as stated by the succession laws governing your religion.

Let’s walk through the process of making a Will, ensuring it’s a proper Will that stands the test of time and law.

Understanding The Importance Of A Will

Creating a Will is an act of responsibility that speaks volumes about your values and your desire to protect and provide for your family even in your absence.

It's about laying a clear path for the future, one that is free of ambiguity and legal hurdles.

Peace of Mind for You and Your Family

Creating a Will gives you peace of mind, knowing that all your assets, including your bank balance, investment accounts, and family heirlooms, will be passed on to your near and dear ones as per your wishes. This document becomes your voice, expressing your wishes and ensuring they are respected and followed.

Avoiding Legal Complications

A legally valid Will helps in avoiding potential legal battles within the family, ensuring a smooth Probate process.

Preventing Family Disputes

One of the most compelling reasons to have a Will is to prevent potential disputes among your heirs. Without a clear, legally valid Will, your assets are subject to the default rules of intestacy, which may not align with your personal wishes or the needs of your heirs.

By delineating your Beneficiaries and specifying the distribution of your assets, you mitigate the risk of misunderstandings and legal battles that can strain family relationships.

Navigating the Probate Process

A Will simplifies the probate process, making it smoother and more straightforward for your loved ones. The probate court's role is to authenticate your Will and oversee the distribution of your estate in accordance with its terms. Probate is a legal process that officially recognises the Will and authorises you to start managing the estate. If the Will was created in, or if any immovable property is located in, Mumbai, Chennai and Kolkata, probate is a requirement.

A clearly written, valid Will accelerates this process, reducing the burden on your family during an already challenging time.

Steps To Making Your Will

Here's a step-by-step guide to creating a robust and secure Will that cannot be easily challenged.

1. List All Your Assets

Begin by making a comprehensive list of your assets. This includes not just financial assets like bank balances and investment accounts but also personal and immovable property.

Don’t forget to include specific assets that hold sentimental value to family members.

2. Identify Your Beneficiaries

Decide who you want to inherit your assets. These can be family members, friends, or even charitable organisations.

Be clear about who gets what, especially when it comes to significant assets or family heirlooms.

3. Choose an Executor

An Executor is the person responsible for carrying out the wishes stated in your Will. Choose someone you trust, possibly a family member or a legal professional, who is deemed competent to handle such responsibilities. We also recommend you to appoint a back-up Executor in your Will in case your primary Executor is not around to fulfill his/her responsibilities.

4. Appoint a Guardian for Minor Children

If you have minor children, it’s crucial to appoint a Guardian in your Will. This ensures they are cared for by someone you trust in case both you and the other parent are no longer around. We highly recommend you to appoint a back-up Guardian in your Will in case your primary Guardian is not around to fulfill his/her responsibilities.

5. Draft Your Will

You can draft your own Will on plain paper or seek the help of a legal professional or a certified financial planner. If you choose to write your own Will, ensure it’s clear, concise, and free of any ambiguous language that could create confusion.

• ‍Holographic Wills: Handwritten or holographic Wills are recognised as legally valid, provided they meet certain criteria, like being entirely in your handwriting and signed by you.‍
• Using Two Witnesses: In India, the law requires the Will to be signed in the presence of at least two Witnesses, preferably who should not be Beneficiaries in the Will, to make it legally valid.

6. Make It Legally Binding

After writing your Will, it’s important to make it legally binding:

Signing and Dating

Sign and date the Will in the presence of two Witnesses. These Witnesses should also sign, acknowledging they witnessed you sign the Will. Once you sign and date your Will, it's as good as saying that 'all my previous Wills are null and void'.

Registration

Though it is not mandatory to register Wills in India, if your Will is dealing with any real estate, we recommend you to register your Will because at the time of asset transfer, the authorities tend to rely upon registered wills.

7. Store It Safely

Keep the original Will in a safe place, such as a secure home safe or a safety deposit box. Inform your Executor or a trusted family member about where it is stored.

8. Update as Necessary

Life changes, such as new assets, the birth of children, or changes in your relationships, may necessitate updates to your Will.

You can either add a codicil for minor changes or draft a new Will for more significant updates. Remember, the latest Will supersedes all previous Wills.

Read more: How To Write A Will In India

‍

Seeking Professional Help

While making your Will, consulting with a legal professional can provide clarity, especially when dealing with complex assets or family situations. A lawyer or estate planning expert can help ensure your Will meets your country's laws, offering you and your Beneficiaries added security.

‍

The Bottom Line: How Yellow Can Help

Making a Will is a profound act of foresight and care. It’s about ensuring that your wishes are respected and that your loved ones are provided for, even in your absence. By following these steps and making informed decisions, you can create a Will that accurately reflects your wishes and secures your legacy for generations to come.

Did you know you could do all the steps above from the comfort of your own home? Yellow makes it possible. Our app and web app offer a Will format that's been drafted by our in-house team of legal experts, who have more than 50 years of estate planning experience between them.

Read more: 6 Simple Steps To Create Your Yellow Will

If you're stuck or need more information, our team is here to help and guide you every step along the way. From adding assets to appointing Beneficiaries, Guardians, and Executors, we walk you through the entire process of making a Will.

Remember that a Will is just one of the many estate planning documents that we can help you with - we also offer assistance with asset transfer, Trusts, Power of Attorney, Living Will (Advanced Medical Directive), and more.