Does making a Will seem tedious and time-consuming, with all the confusing legal jargon surrounding it?

At Yellow, we understand your time is precious - which is why we’ve simplified the jargon, so you can make your Will quickly and easily. There’s no need to find a lawyer, or spend hours searching for templates online – this article has everything you need to understand your Yellow Will.

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Clauses in a Yellow Will

1. Declaration by the Testator

This segment establishes the context of the document, which includes essential details about the Testator, ie the person making the Will. These details include the Testator’s name, age, religion and address, along with the date and place of where the Will was made. These factors help ascertain the genuineness of the Will.

What follows is a set of declarations by the Testator that:

• Their assets or property shall be governed by the Will, in conjunction with the prevalent laws of the country
• All previous Wills and codicils (or supplementary documents) shall be cancelled and replaced with this new Will
• The Will is made by the Testator in good health, sound mind, and by their free will. This is legally essential for making a valid Will.

A set of declarations are also included at the end of the Yellow Will, which deal with miscellaneous circumstances, such as any bequests made to an Executor, costs incurred by Beneficiaries in case of disputes arising from the Will, errors in the description of any assets, and so on. These declarations help safeguard the Will by reducing ambiguity and preventing any future conflicts.

2. Appointment of Beneficiaries

A Beneficiary is anyone to whom the Testator bequeaths their assets in their Will. These can include legal heirs, friends, or even charitable organisations. A list with their identity details, such as name, age, and address can help ascertain the rightful beneficiary as per the Will.

The Yellow Will provides an additional option for adding secondary (alternate) and ultimate Beneficiaries. A secondary Beneficiary would be considered in case the primary Beneficiary to whom a bequest is made is for any reason unavailable, or unwilling to accept the bequest of the Testator. An ultimate Beneficiary is someone who is appointed if the Testator survives all the Beneficiaries in the Will.

3. Appointment of Executors

An Executor is responsible for administering the assets of the Testator as per the Will - which is why it is essential to appoint someone known and trustworthy, who is willing to take on this responsibility. An Executor can be anyone, as long as they are at least 18 years of age at the time of executing the Will. In other words, you can appoint a minor now as an Executor, but with the condition that the appointment is only valid if this person has attained majority at the time the Will comes into effect.

It is also best practice to appoint back-up or alternate Executors, in case the primary Executor is unable to perform their duty. In the Yellow Will, you can add multiple alternate Executors in order of preference, who can take on this role, should the need arise.

Along with these provisions, the Will lists out the powers and duties of the Executor, including clauses for allocating assets, defending the Will and estate in court, appointing services if required under the Will, and providing reimbursement for any costs such as funeral expenses and payment of taxes, which may be incurred on behalf of the Testator.

4. Appointment of a Guardian

At the time of a Testator’s demise, the guardianship for their child passes to the surviving parent. But in case neither parent has survived, this clause allows the Testator to appoint a Guardian, or someone whom they trust, to take care of their child until the child attains 18 years of age. It is advisable to name alternate Guardians in the Will, in case the primary Guardian is unable to fulfill their duty.

In the Yellow Will, you can name a Guardian and also assign alternate Guardians for your child. Each succeeding person shall become eligible to be a Guardian only if the person before them is unable to take on the responsibility. A Guardian acts as a trustee for the assets bequeathed to the child and, as per the Will, can utilise specific funds for their care and overall well-being, including education and medical needs.

5. Devolution of assets

This clause is the crux of the Will, with provisions for adding details about assets owned by the Testator, which they intend to bequeath to their Beneficiaries. The Yellow Will provides a provision to include more than 35 asset categories, including, but not limited to, immovable assets such as apartments; commercial properties; movable assets, such as bank, demat or provident fund accounts, share certificates, bank lockers, insurance policies, crypto assets, and even precious jewellery or collectible paintings and musical instruments. You can modify and add new assets or Beneficiaries to the Will at any time.

6. Devolution of residuary assets

Residuary assets are those which the Testator may not have added to their Will, or may have acquired after making the Will. For such assets, the Testator can assign a specific Beneficiary, along with an alternate Beneficiary, as best practice. This ensures that all the new assets, or those that they forgot to mention, are allocated to a specific Beneficiary. This ensures that there are no circumstances under which the Will does not provide clear guidance for a particular asset.

7. Funeral wishes

A Will is helpful not only for estate planning, but also for sharing final wishes, such as funeral arrangements. Although not a legal mandate, this clause helps the Testator add any particular details regarding the last rites or customs they would want their loved ones to follow.

8. Testator and Witnesses signature

It is legally mandatory for the Testator to sign the document to prove that the Will was made by them consensually. Along with the Testator’s signature, the Will also needs the signature of at least two independent Witnesses who can testify that it has been made by the Testator and signed in their presence.

A Will is the single most important succession document you can create in your lifetime and, at Yellow, we want it to capture your every little loving wish. So, now that you have a better understanding of some of the legal terms and clauses, we hope you’re encouraged to make your own Will.

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