8 Things You Should Know About Making a Will

 

Agreed,  creating a will is  not the best feeling in the world, but is decidedly an important procedure. It ensures that there are no disputes related to property and other such possessions amongst your loved ones after the supposed demise of the Testator. Planning it in advance offers a control over who gets what and helps save money and time. The laws vary from country to country, but most of the facts remain the same.

What you should know about preparing a will?

What is a Will?

A legal document, wherein an individual distributes his/her material assets, amongst the people of his choice, in the case of his/her death. The person who makes the will is known as the Testator.

What happens if the Testator dies without making a will?

You do not get any control over who gets what. The rules of Intestacy may then allow for distribution of your assets, which may be in conflict with your interest.

Is a Lawyer required?

It is advisable to employ one. He will require the following details from you

  • What you own?
  • Who gets what?

Is a Guardian required?

If the Testator has children below the age of 18; it is advisable to nominate a guardian. In the case of an event where something happens to the Testator, wherein he/she has not nominated a guardian, the court has the right to choose anyone as a guardian. A guardian will help the child in important matters related to finance, etc.

Is an executor required?

The person who executes the wishes of the Testator after his/her death is known as the Executor. He/She is allotted the duty of winding up everything after the death of the Testator, i.e. from paying debts to overlooking that everything is carried out appropriately as per the bill.

How often does it need to be updated?

A will is required to be updated in the case of the death of a beneficiary, re-marriage, divorce, loss of an asset mentioned in the will, if the guardian or the executor needs to be changed, etc. In simple words, in the case of any change of circumstance that is mentioned in the will, an update of the same is required.

Who can contest the will?

There are certain instances wherein a will can be challenged. It could involve improper witnessing, the Testator not being in the right state of mind while signing, whether it was forced or forged, etc.

How to make a legally accepted will?

  • The Testator must be at least 18 years of age
  • He/she should be in the right state of mind
  • It should be in writing and not in print
  • It should be signed in the presence of witnesses who are over 18 years and requires a signature on their behalf as well.

In conclusion, the importance of this legal document should not be misconstrued and it is advisable that every person who comes of age make a will of their own. This, in order to combat family battles, litigation and disputes.

For more information regarding preparing a will you can visit www.startupchoice.com or simply drop us a mail at hello@startupchoice.com.

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