Most of us want to plan for the future, but we often overlook a simple yet essential step in protecting our legacy which is creating a will. A Will is a legal document that serves as an instruction on how to deal with the assets and properties belonging to an individual upon his demise. A will lets you decide how your assets will be divided, reducing the chance of disputes or legal issues among your heirs. This blog covers everything you need to know about wills and its importance.
What is a Will?
A will is a legal declaration that guarantees your property and wishes to be managed as you intended after you pass away. It allows an individual to plan the distribution of their assets and properties according to their wishes.
A will can ensure that your heirs and loved ones inherit assets as you intended, offering clarity and preventing disputes. In India, wills play an important role in helping families, even those with complex structures, divide property amicably without requiring lengthy litigation. Indian law does not mandate a strict format for wills—they can even be handwritten or drafted on plain paper without registration, yet still hold legal validity.
See Also: Mistakes to avoid while creating a will for your inheritance
Who can write a will?
The Indian Succession Act, 1925, guides the basic criteria for making a will in India. It only deals with wills made by Hindus, Buddhists, Sikhs, or Jains in India. Disposing of Muslim properties takes place by Muslim Law only.
You must meet a few basic legal requirements for writing a will:
- The person making the will must be at least 18 years old and of sound mind.
- The will should be written voluntarily, without any coercion or undue influence.
- It must clearly state how you want your assets distributed, leaving no room for ambiguity.
- The will should be signed in the presence of at least two witnesses as per Indian law.
Types of Wills
It is not widely known that there are several different types of wills available for legacy planning. A will of a particular type may be more appropriate for certain people with specific circumstances than others. India has three major types of wills: privileged, unprivileged, and conditional. Let’s understand each of them in detail.
1. Privileged Will: Flexibility for Indian Armed Forces
A Privileged Will is meant for members of the Indian Army, Navy, Air Force, and other armed forces personnel, who are engaged in national duties during wars or expeditions. As the officers in the armed forces deal with high-risk situations, this will is a quick and flexible option for the military personnel to express their last wishes, without being burdened with legal complications in the case of emergencies.
As per the Indian law, two witnesses are necessary to make a will during the will-making process. However, a privileged will does not need to be made in the presence of two witnesses. A Privileged Will also does not require registration or a stamp duty.
2. Unprivileged Will: Will For All
Under the Indian Succession Act, an unprivileged will can be created by any individual other than those who are allowed to make a privileged will. That means civilians (folks not employed by the Indian Armed Forces) can make this will. To make this Will, one should be of sound mind and at the age of consent (18 years of age).
Furthermore, during the will-making process, the will should be signed in the presence of at least two witnesses. It should be written, and oral wills cannot be accepted. The above conditions must be met to ensure a Will is valid.
3. Conditional Wills: For The Special Request
As the name suggests, a conditional will only work if a specific event or condition occurs. If the event does not happen, the will cannot be enforced. For example, if a person makes a conditional will stating, “If I die in a car crash, then my house should be given to my sister.” If he does die in a car crash, his house will be allotted to his sister, but if he dies by any other means, the will won’t be enforced, which means that the house won’t be given to her. During the Will-making process, one should ensure that the conditions are clearly stated and are not vague. The will might be invalidated if it is found to be an impossible or vague condition.
Although these are the three most prominently used wills, a few other types of wills should also be noted. They are:
1. Holographic Will: Do It Yourself
A Holographic will is another type of will. It is a handwritten will that someone drafts for oneself rather than getting it drafted by a legal advisor. It is also called a D.I.Y. (do-it-yourself) will. Although quick and simple, it is only accepted by a few selected legal institutions. In India, a holographic will holds a legal validity, provided it meets the following conditions:
- It should be completely handwritten.
- It should be dated
- It must be signed in the presence of at least two witnesses.
- It should be a Statement of testament, meaning that the will must specify that it is the testator’s (a person who creates a will) last will and testament.
2. Joint Wills: Planning together
A Joint Will is a document created and signed by two or more people. It is typically chosen by a married couple who want to ensure a certain way of distributing their assets after they die. It should be noted that joint wills too, are accepted only in certain jurisdictions. A joint will is accepted in India, provided that it meets all legal requirements, such as being registered and signed in the presence of at least two witnesses.
Benefits of having a will.
Some people believe that only the very wealthy or those with complex assets need a will, but there are compelling reasons for everyone to consider having one:
- A will allows you to specify exactly who receives your assets, down to individual items and amounts. This clarity can prevent potential conflicts and ensure your wishes are honored.
- With a will, you can prevent certain individuals, like estranged relatives, from inheriting your assets, and keeping your wealth with those you trust and care about.
- If you have children, a will lets you name guardians to care for them. Without it, the decision falls to the courts, which may not align with your preferences.
- A will makes it easier and faster for your loved ones to access your assets, reducing the stress and legal hurdles they might otherwise face.
- Thoughtful estate planning can help reduce the taxes owed by your estate. You can also allocate gifts or charitable donations, which can further offset estate taxes and support causes meaningful to you.
Traditional Wills and Digital Wills
As technology continues to evolve, so do our estate planning and will-making options. Today, many people are turning to digital wills to replace or use in addition to traditional paper wills.
Traditional Wills
Traditional wills are often considered the safest option since they follow a long-established legal will-making process. They are signed, witnessed, and physically stored, offering a clear and straightforward legal path. However, their primary downside is that they can be time-consuming to update and may require the involvement of a lawyer, adding to the cost and complexity.
Digital Wills
On the other hand, digital will offer convenience. They can be created and updated online without lengthy meetings or costly legal fees. However, not all jurisdictions recognise digital wills as legally binding, which may lead to complications. Additionally, ensuring secure storage of a digital will is critical, as unauthorised access could result in changes in the will the testator would not have wanted/consented to.
Conclusion
A will is more than just a document, it’s a plan for your legacy. A well-thought-out will is a gift to your loved ones, sparing them of the unnecessary stress and uncertainty.
To simplify this process and manage your assets, consider using tools like Mitt Arv. Take the first step and start planning your will today!
FAQs
1. What is a will?
A will is a legal document that specifies how a person’s assets and property should be distributed after they pass away.
2. Who is eligible to write a will in India?
In India, anyone 18 years or older and of sound mind can make a will. To be legally valid, the will must be written voluntarily, clearly state how assets should be distributed, and be signed in the presence of at least two witnesses.
3. What are the main types of wills in India?
There are several types of wills, including:
- Privileged Wills: Meant for armed forces personnel engaged in war or similar high-risk duties.
- Unprivileged Wills: Commonly used by civilians and must be signed in the presence of witnesses.
- Conditional Wills: Activated only if specific conditions occur (e.g. if the testator dies in a particular way).
4. What is the difference between traditional wills and digital wills?
Traditional Wills are physical documents signed, witnessed, and securely stored, ensuring a straightforward legal process. Digital Wills are created online and are easier to update, though they may not be legally recognised in all areas and require secure storage to prevent unauthorised access.
5. Why might everyone benefit from having a will, regardless of wealth?
A will allows individuals to specify asset distribution, name guardians for children, and minimise potential conflicts among heirs. It also provides a chance to make charitable contributions and can reduce estate taxes, making it a valuable tool for anyone, not just the wealthy.