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Friday, March 9, 2012

Good WILL Hunting- The Importance of Making a Will - Sample Will Format


How to make a Will document & Sample Will Format:
No one escapes death
The least we can do is prepare for it
Image taken from here
You love your family? Then what are you doing about it? Do you want to leave your wealth and let your loved one’s fight with each other to get their shares. Such cases are very common. I don’t want to take names (<cough>Ambanis).

When a will is not made, the property of the deceased is distributed in accordance with the laws of succession which may not be as per the wishes of the Testator (The person who makes a will), and also such cases frequently land in court or are settled after long negotiations. The end result – separations among your once "undividable" relatives and a waste of all of their time, money and efforts. A common mistaken belief is that
all the estate automatically gets passed on to the spouse, but the deceased’s children and sometimes even other relatives can stake a claim to the property.

It is the lack of awareness which deters people from making a will. Some think it is morbid to even think of preparing a will (for some believe that thinking of death attracts death) and others say they are busy and try to put it for a later date. Such matters should not be left to chance and it is your right to dispose of your assets according to your wish, no matter who you are.

Difference between appointing nominees and bequeathing through will:
Many think merely appointing nominees is enough, it must be noted that the nominee does not become the sole owner of the asset. This is a huge misconception. The other legal heirs also become entitled to the asset and can stake a claim to it. Therefore, simply because you have added your wife or close relative as a nominee in the Bank form while opening an account, it does not mean that they become entitled to full ownership of it.


What is a will?: A Will is a legal document by which a person can arrange how her/his property will be disposed of after the person's death. It comes into effect only on the death of the Testator, i.e. the will has no legal effect while the testator is still living.

 How to make a will? : Most people think that making a Will is too complex for a layman to do. On asking people why they have not  made a Will document, many people reply "I don't know how to make a will." Here are a few points on how to make a will:

First step should be to make a list of properties you have. The will should be written when you are in a sound state of mind to indicate how you will prefer to distribute your property after your demise. Any adult who desires to distribute his assets can write a will. The assets can include any type of property, be it movable  immovable, shares, stocks, fixed deposits, mutual funds, etc.

legal Last Will and Testament Paper Document Estate, legal will document on paper with spectacles Many think making a will is burdensome and requires one to make lot of payments, such as stamp duty. This is a misconception, you can write a will on plain paper and it will still be a legal document as long as it is signed by you and attested by two witnesses. The two witnesses should be dependable and much younger than you are so that there is a better chance of them being alive even after your (unfortunate) death. The witness should not be a beneficiary under a will. If the witness is a beneficiary he/she will not get anything from the Will.

You should also appoint an executor who will take over your assets after your death, manage your legal or probate proceedings and finally distribute your assets according to your will. The executor should be a reliable person and someone your heirs will respect and listen to.

The will should be drafted in a simple language and should be clear and unambiguous. It is not necessary to use any legal or technical words or phrases. What is important is that the intention of the Testator should be clear and well defined.

Although it is not mandatory/compulsory to register a will it is advisable to register it, so that execution of the will cannot be challenged at a later stage. However, if a new Will is to be made, that too should be registered. i.e. Once you register a Will, all future Wills should also be registered or the registration of the earlier Will should be cancelled. (Read more on Validity of Unregistered Wills here)

Keep in mind: Drafting a will document should not be a once in a lifetime exercise. Timely review is necessary because tax laws, inheritance laws and circumstances in life constantly change.

lawyer making legal will dcoument s in small boy kid stall with brief case cartoon animated peanuts charlie brown
Appoint a Lawyer: Wills made by an average person may not contain all the essential elements as required by law and many times ruled as invalid by courts. Many a time, it can happen that while writing the will, an average person uses such ambiguous language that it results in long-lasting legal battles. Making a Will may not always be simple. Therefore, it is best to appoint a lawyer who will charge you based on the complexity of the will. Making a will can cost from 3,000 to 10,000 Rupees in India.


Joint Will: Most couples opt for making a Joint Will document in order to avoid multiplicity of Wills. However, this is not encouraged. It is better if each person prepares their own individual will. 


Codicil: A codicil is an attachment to a Will document by which one may add or amend the Will without re-writing the entire Will. However, this is again not a recommended practice. A codicil may be separated from the Will and get lost with time. It is much safer to all in all prepare a completely new Will.


Sample Will Format: An average will has four parts:
1) Declarations
2) Assets and Properties owned
3) Distribution of the Properties
4) Signatures


Sample Indian Will Format:
1. I, the undersigned ____________________ aged about ___ years, _________________ by profession, residing at __________________. I hereby revoke ___________________________________________, hereby make my Will. any other Will or Wills of earlier dates that may be claimed to be in existence, .
2. I state that I am in sound in mind and I am making this will because I do not wish to cause difficulties to my beneficiaries by dying intestate. I make this will on my own and without pressure or influence from anyone.
3. I am married to ______________________________________,. I have ____ children, one son __________________________ and one daughter _______________________, hereinafter referred to as my children.
4. By this Will and Testament I bequeath to my son ___________________ and daughter_______________________, my plot of land situated at __________________________________ and other contents therein all of which they may divide into two equal parts, as near as may be as per their mutual agreement. They shall have absolute ownership and possession of this property, where I at present reside, and may dispose of it in whatever manner they desire, during their lifetime, and thereafter the property or whatever is left of it shall pass to their heirs or designated inheritors.

5. The remainder of my assets moveable and immovable shall be divided into two equal parts, as near as may be. One part I bequeath to my son __________________________ and the other to my daughter_____________________________. These properties may be utilised as may be deemed fit by my children ____________________ and _______________________ and by their inheritors or heirs after them. In the event of premature demise of any of the legatees, the properties alloted to them shall pass to their children and if there are no surviving children, these properties shall pass in equal measure to their heirs or designated inheritors.

6. I appoint _____________________________ who has accepted the responsibility, as the executor of this will. He may /may not relegate this function to any other person of his choice, if required or desired.

Signature of _______________________ (Testator)
(Name of Testator)________________________, in our presence, signed this instrument after declaring to us that it is her/his Will and we now sign in her/his presence and of each other as witnesses on this abovewritten day and year.

Signature of witness: 1.
Name: _________________________ Address _______________________
Signature of witness: 2
Name: _________________________ Address _______________________


(The above Will is only a Sample Indian Will format. The Format of an Indian Will may change from case to case. A Will becomes even more complicated when child custody is involved or when there is a Joint Will. Make sure you contact an expert for the same. Transfer of Intellectual Property by a Will is still an area that needs to be explored.)



Will of Shri Nani A. Palkhivala  When I die Give my sight to the man who has never seen a sunrise. Give my heart to one who has known the agony of the heart. Give my blood to a youth pulled from the wreckage of a car so that he might live to see his grandchildren play. Let my kidneys drain the poison from another’s body. Let my bones be used to make a crippled child walk. Burn what is left of me and scatter the ashes to the wind to let the flowers grow. If you must bury something, let it be my faults and my prejudices against my fellowmen. Give my sins to the Devil. Give my soul to the God. If you wish to remember me, do it with a kind deed or word to someone who needs you. If you do all l’ve asked, I’ll live forever.
Nani A. Palkhivala
(16-1-1920 — 11-12-2002)
When I die ...
Give my sight to the man who has never seen a sunrise.
Give my heart to one who has known the agony of the heart.
Give my blood to a youth pulled from the wreckage of a car so that he
might live to see his grandchildren play.
Let my kidneys drain the poison from another’s body.
Let my bones be used to make a crippled child walk.
Burn what is left of me and scatter the ashes to the wind to
let the flowers grow.
If you must bury something, let it be my faults and my prejudices
against my fellowmen.
Give my sins to the Devil.
Give my soul to the God.
If you wish to remember me, do it with a kind deed
or word to someone who needs you.
If you do all l’ve asked, I’ll live forever.

-Nani A. Palkhivala



- Vikrant Shetty



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