One is often under the impression that writing a Will involves a lot of hassle. People shy away from making their Wills at times because they think they don’t have the time for it, don’t know the value of their assets, don’t have the time to arrange for stamp paper, or get the Will registered or notarised, or other similar concerns and preconceived notions.
But, with the right guidance, Will-writing can be a fairly easy process, and most of the concerns listed above are not worth worrying about. Read on to find out more.
How Easy Is It To Write A Will? You’ll Be Surprised!
We all have, at some point, come across, or at least heard of, complicated Wills filled with dizzying legal jargon; the ones that require far too much time, money, and lawyers to be created. Naturally, many of us are reluctant to write a Will, believing that such resources would be better put to use elsewhere.
However, the making of a Will can be a simple process that does not actually take up much of your time, or exhaust your resources. At its bare bones, writing a Will in India essentially involves a testator (person writing a Will) writing down on a plain paper what they plan to leave for their heirs/chosen beneficiaries after their demise, in the presence of two witnesses, who should ideally be independent persons. And, as such, there is no necessity for a lawyer's presence while all this is done.
What Every Will Should Contain
The one thing that is certainly crucial in a Will is absolute clarity in its drafting. It is advisable that the Will mentions all single and jointly held movable and immovable assets and receivables. Liabilities and loans should also be mentioned in a Will.
It’s also a good idea to include a clause for ‘residual assets’ (miscellaneous assets that may be missed or acquired after the Will is written), with a specification as to who should receive them.
Does A Will Have To Be On A Stamp Paper And Notarised?
No, it doesn’t. Neither does it have to be registered as per law but it is an optional step to add more robustness.
The creation and execution of a Will is meant to be a straightforward process. The law allows for a document that’s as fundamental and important as a Will to be easily drawn up and executed by anyone over the age of 18 and of sound mind. Being a legal document, however, it is advisable to adhere to certain language and flow of clauses as is generally acceptable in India while drafting a Will. Yellow’s digital succession planning solution takes care of this.
How Can Yellow Help You?
Our solution is designed in such a way that you can draft your Will with appropriate legalese, while remaining understandable to you and your family. At Yellow, we’ve worked hard to simplify legal jargon and the Will-drafting process, so it is easily interpreted.
We also give you access to guided modules as well as experts in the field to answer even the smallest of your queries. They are equipped to guide you through any and all doubts you may have - from how to evaluate and list assets in your Will, to any other matters that give you pause. Fundamentally, we help you ensure that your wishes are captured as clearly as possible, in a manner recognised by Indian law.
