“I am very young to put together a Will” or perhaps “I do not require preparing a Will”, although a lot of people looking through this post will be able to correlate with these ideas, it is essential for an NRI to comprehend that passing away intestate (without writing a Will) can result in a number of problems and arguments among your heirs. You work your complete life to make money in an effort to provide a sustainable livelihood to your loved ones. But the truth is you cannot actually envision the mayhem and hassle that could be brought on to your family members as a result of your lethargy in not drafting a Will on time.
The transferring of possessions from one generation to the other also referred to as estate planning, is essential for all people regardless of the size of his or her capital. You do not have to hold out up to the point when you own a lot of assets to transfer or perhaps until you get to the age of 65 to write a Will. The thing is our life is unpredictable and undecided. It is definitely preferable to write a Will and keep it with you despite the fact that you have been in the pink of health because uncertainty can transpire at any time.
Therefore, for your ease, we at NRI Legal World have outlined 10 selected points that would be beneficial when you’re writing your Will:
- A Will can be written by any person who is 21 years old, of a healthy mind, and without any coercion, fraudulence and unnecessary influence. With old-age will accompany a number of physical as well as psychological ailments. A Will prepared at this age, when an individual may not be in his or her ideal senses can result in distress, uncertainties, and conflicts in the family down the road. Therefore, you need to put together your Will at a comparatively younger age while you are healthy so as to prevent issues in the future.
- You should make use of the headline ‘Last Will and Testament Of (specify your full name here)’ to elucidate that the document is your Will and is legitimate. Furthermore, mention your complete name, existing home address along with the fact that you are in a healthy psychological state and do not have any duress from anybody to write the Will.
- Mention an executor, an individual who will administer the tenets of the Will. A reliable person must be labeled as an executor and you should get their consent before nominating their name. The reason being that in case they reject to be an executor in the future, then there may be nobody to execute the Will, leaving it in the hands of the court of law to designate an executor.
- A Will could possibly be handwritten or even typed in. No stamp paper is needed. You can draft a Will on a basic A4 size paper, put your signature on it, and date it with two witnesses and ensure that it stays in a safe place. It surely is not obligatory for a person to register a Will with the Registration Authority; however so as to stay out of scams and tampering, it is actually better to register it.
- For those who have bequeathed your assets to a minor, ensure that you designate a guardian for the possessions right until the time the minor reaches an adult age.
- It is vitally essential for a Will to be straightforward, accurate and apparent. Or else someone may misconstrue your motives and your belongings may not be transferred to your chosen beneficiaries.
- You can make modifications or even minor adjustments in a Will if you want to do it. Nevertheless, if there are a lot of major modifications, it is advisable to create a completely new Will.
- All pages of the Will must be numbered in a serial order and should have the signature of the Testator (who is the individual writing his/her will) along with the witnesses. This is to protect the Will from getting swapped, altered, or pages getting added by the people who have an intention of committing fraudulence.
- When writing a Will in accordance with the legal guidelines of the country, one’s religion additionally plays a significant role. Therefore, you need to always keep that in mind when writing the Will.
- Even though it is workable to write a Will by yourself, it is normally preferable for NRIs to seek the help of a dependable NRI lawyer while creating a Will. This would bring down any kind of possibilities of misinterpretation or scams from family members and also help prevent the likelihood of the Will getting reported as being invalid in the Indian court.
Below is an infographic illustrating 10 Aspects that Need to be Considered While Writing a Will :
If you are an NRI who needs help in writing a will or have any other legal concern related to Wills, get in touch with us at NRI Legal World. Our team of expert lawyers can help NRI write a will, register a will, challenge a will, or any other legal matter. Contact us at +91 85-85-85-71-71 or email at info@nrilegalworld.com for a free consultation on NRI Wills and other legal/administrative concerns.