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Things You Must Know About A Will

IamCheated.com Research Team | April 20, 2018  2:46:pm

What is a will?

Will is a legal document which specifies who is entitled to receive the property, after the death of the owner of the property. The person who has written the will is called the Testator. Testator has to appoint the executor to manage the estate and execute the wishes stated in the will after his demise.

What happens if the owner dies without making a will?

If the owner of the property dies without making a will, the legal heirs would struggle to claim their rightful assets. They have to prove in court that they are the real owners of the property, left behind by the person who has passed away. If the deceased has not made a will, there are chances of unnecessary misunderstandings between the legal heirs. In such a case an administrator will be appointed by the court, who will function as an executor.

Read Also: Importance of Estate Planning

How to write a will?

Before writing a will you need to list all your assets such as financial assets, fixed assets and movable assets. Then you must list down the beneficiaries to whom you want to transfer the assets. 

Though the lawyers gives you sound advice on writing a will, it is not compulsory to hire a lawyer to write a will.  If you write a will on a piece of paper and get it signed by a couple of people who are witnesses, then the will is valid in India. Now there are many Do-it-yourself (DIY) platforms, where you can write a will online.

4. What is a Probate under a will?

Probate is a legal process of proving a will in court and accepting it as a valid public document,  that is the last true testament of the deceased.

5. Who should be a witness to a will?

Witness to a will should not be a beneficiary of the will and he should be a trustworthy person. If you make the beneficiary of the will as a witness, there will a conflict of interest.

6. Whom should you appoint as an executor?

You can appoint your spouse, an adult child, or friend as an executor. If you believe there will be some complications in this matter, you can appoint a lawyer as an executor to your will. The executor will have the powers of paying the bills or collecting the money from debtors and so on.

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