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Write a Will in India : In this Article we are going to tell you all about the procedure to Write a Will in India. Before we tell you about the procedure to create a Will, you must ask yourself a question that do you want to leave all your assets and wealth as it is and let your family member to fight over it for getting the shares. Hope you do not want that to happen! And if you think the just after nominating someone in your financial products will pass over the product to the Nominee without any hassles, you are simply taking it too lightly. That’s how most of us think here in India! However, the actual fact is that you need to write a WILL or Will Deed for distributing your wealth in the ratio you want to. With this Article, you can easily write a Will without a lawyer.
The Topics that will be covered in this Article are :
- What is a Will ?
- Can I Write a Will myself ?
- Types of Wills
- Important Sections in a Will
- Sample Will Template/Format
Before we directly jump to the procedure to write a will deed, let us tell you what actually is a will.
What is a Will ?
A Will can be called as your direction which states that after your death, which of your asset (i.e., Wealth) should be distributed to whom (i.e., Legatee). As you will not be there to ensure the distribution of the wealth, you must mention the name of the person who will do this on your behalf (i.e., Executor). To prove that the Will is actually prepared and signed by you, you would need two Witnesses. And finally you must keep in mind that you need to be an adult and of sound state of mind in order to make a Will.
Note : A person who has made a will or given a legacy is also called a ‘TESTATOR’.
Can I Write a Will myself ?
A Will can be called as the least legal of legal documents and if you abide by a few simple rules, you can create a will yourself and it doesn’t necessarily have to be printed or typed, it can even be hand written. So, we would like to tell you that a Will does NOT necessarily have to be Registered, does NOT need to be on a Stamp Paper or even the green coloured legal paper and does NOT even need to be Notarized.
Types of Wills
Let’s have a look at the types of Will in India.
1) Unprivileged and Privileged Wills
Normally the wills are unprivileged wills. However, the Privileged wills are the ones that are written by service men in the field of battle under section 66 of Indian Succession Act.
2) Joint Wills
A joint will can be written or created by 2 or more persons. Joint wills are said to be revocable by either of testators and it comes into effect normally after death of last testator. In case it is executed as a single document, in that case each beneficiary will get the benefits as assigned as each testator dies.
3) Holograph Wills
The wills that are hand written by the testator are termed as Holograph Wills.
4) Concurrent Wills
If in case, a testator wishes to have separate wills for assets which are in different countries, this can be done with the help of Concurrent Wills.
5) Duplicate Will
In cases where the testator wants the original will with him and other one with attorney/court, then the one with with attorney/Court is termed as a Duplicate Will.
6) Sham Wills
In case a person writes a will and after that he completes all the necessary formalities for some kind of hidden objective, it will be considered as nullable. However, in such cases one needs to prove the intent behind such a will.
Important Sections in a Will
Let us see check out some important sections which must be included while creating a will.
1) Personal Details
You have to mention your name, father’s name, residential address, Date of Birth etc.
2) Declaration of Date
It is really important to mention the date of preparing your Will very clearly.
3) Validate Free Will
You can also add a point in the will mentioning that you are not under any kind of influence and you are not being forced to create this Will by any person.
4) Provide Executor’s Details
Executor is the one who implements/executes the Will. Hence, do mention his/her name, address, your relationship with him/her, age etc., very clearly.
5) Details of Assets & Beneficiaries
Do make a Complete List of all the immovable properties mentioning their clear addresses. Also, make a list of the movable assets such as bank deposits, insurance, units of mutual funds etc., Also, Mention the name of beneficiary(ies) for every asset. (For Mutual Funds – Do mention the Folio Numbers)
6) Signature
Put your Signature on the Will after mentioning all the details mentioned above.
7) Signature of Witnesses
Finally get your Will attested by at least two witnesses. Kindly make sure that they mention their father’s names and complete addresses.
Finally, check all the details mentioned above and your signature before you can finally keep your will at a safe place or hand over to a trustworthy family member or friend.
Sample Will Template/Sample Draft Format
Let’s now find out how to write a will sample.
Below is the sample Will format:
I, Shri/Smt ………………….. son/daughter/wife of Shri ……………..,resident of …………………., by religion………….., do hereby revoke all my previous Wills (or) Codicils and declare that this is my last Will, which I make on this …….(Date)………………… My Date of Birth is ………….
I declare that I am in good health and possess a sound mind. This Will is made by me without any persuasion or coercion and out of my own independent decision only.
I appoint Shri………………….. Son/daughter of ……………, resident of …………. to be the executor of this Will. In the event Shri…………… were to predecease me, then Shri……………., will be the executor of this Will.
I bequeath the following assets to my Wife Smt……………..
1. My house which is located at………(address)………
2. Bank balance of my savings account No.…………………..with ……………(Name and Address of the Bank)………
3. My Bank fixed deposits in …….(Name of the Bank)…..bearing ……..(FD receipt nos)……..
4. The proceeds of my Term insurance with Policy No.….(mention the Policy no)……, from…….(name of the insurance company)………
5. All the contents of my bank locker no………, with bank…………(Bank Name), ……(Bank Address)……………
I bequeath the following assets to my son Shri……………
1. Residential Plot no…….., which is located at…………….(Address)………
2. My car having registration no……….
3. My mutual fund investments with folio numbers……………… in …………. (Name of the Mutual Fund Companies)……..
4. Any other assets that are mentioned in this Will but of which I am the owner.
All the assets mentioned above are owned by me. No one else has rights on these properties.
Signature of Testator
Witnesses
We hereby attest that this Will has been signed by Shri………….as his last Will at ………….(Place)………….. in the joint presence of himself and us. The testator is in sound mind and made this Will without any coercion.
Signature of Witness (1) Signature of Witness (2)
Father’s Name of Witness (1) Father’s Name of Witness (2)