Writing a will? Avoid these mistakes

Where there is a will, usually someone is willing to contest it. Where there is none, someone is willing to fight for inheritance anyway. Does this mean writing a will is a pointless exercise? "No, it is not." While the law allows a person to express concern over a person's inheritance, if a will is made properly, the objection can be dismissed easily. A will reduces costs, effort and paperwork, not to state disputes Within the family. While writing the will itself is an easy task, it is best to do it under legal supervision or consult a lawyer for legal advice. This is because, on your own, you are likely to miss many details that can result in legal battles.

1)  Not having a will

It is the biggest mistake and a step that needs to be taken once you reach your 50s, or earlier if you have many assets and properties.

More Time and Higher Expenses: In the absence of a will, legal heirs are forced to spend large sums to acquire compulsory documents such as succession certificate or letter of administration to transfer titles, cash, investments, asset or real estate, not to mention paying prohibitive attorneys' fees. Succession certificate is needed in the case of the movable estate, while the letter of administration is needed in the case of immovable property. While having nominees assist with the direct transfer of cash and certain movable assets, you need the legal documents because a nominee is only a caretaker of assets and must pass it on to the legal heirs.

Unwanted distribution of assets: A will helps decide which asset you want to give to which heirs, in what proportion. Without one, you have no control over who inherits your property, and the court will follow the succession acts according to your religion. For example, Hindus, Buddhists, Jains and Sikhs are subject to the Hindu Succession Act, 1956 and the Hindu Succession (Amendment) Act 2005.

2) Drafting incorrectly

You can either write the will yourself or through a lawyer. If any detail is not accurate or you misunderstand it, the will can easily be challenged in court. Make sure you enter the personal information, including name, address, city, and date; put in full name and relationship of the beneficiaries; mention the assets exactly; have it done in the presence of two witnesses; and sign it with the witnesses and their details. The most important aspect of a will is a valid signature of the person making it. Since a will can be written on blank paper, the signature is the only authentic detail.

Equally important are the three statements - that you are revoking all previous will, that you are of sound mind and that you are not making the will under any obligation. If a person is old, attach a doctor’s certificate certifying his sanity. You can also register the will as it provides a degree of authenticity since it has been approved by a government official. Remember that a registered will can be challenged just as easily as an unregistered will. Registration minimises the grounds on which a will can be challenged. Since soundness of mind, fake signatures and drafting under pressure are the obvious reason for contesting a will, a visit to a registrar and being photographed diminishes the possibility of it being contested on these grounds.

3) Not specific

Make your will as specific as possible. Mention each bank account, locker number or estate details. List all your movable and immovable assets. For investments and insurances, list the scheme name, number, financial institution and insurer, along with the addresses. For more than one property, clearly distinguish each one by listing purchase details, addresses, etc. For heirs, do not forget to mention the full name, your relationship with him, and the assets you want to give.

4) Not updating the will

If the status of assets or heirs’ changes, you should draft another will to apply the changes. Any development in the life stage, such as the birth of a child, a marriage or a divorce, will require a redistribution of assets. If an asset has been sold or bought new, it must be removed or included. All you have to do is draft a new will, including a declaration that it is your final will and revokes all previous wills and codicils. Also, register the updated will, although this does not mean that the unregistered will shell not be considered by the court. As per law, the last drawn will is considered whether it is registered or not.

5) Wrong executor

A common mistake is the appointing of relatives or friends of the same age group or underage children, as executors. Make sure the executor is the best choice for the time-consuming and complicated job. He/she must be trustworthy, know about your wishes and work according to your will, not his own. To ensure objectivity, you can also get a third-party administrator for a nominal sum.

6) Separate will

Most importantly, when writing a will, an individual must remember that a separate, exclusive will is required for his Indian property if he is an NRI. If you make a will in the country of your residence, it can be valid for your assets there - for you to be able to either validly pass on your assets to others in India, the document should be framed and based there too.

7) Neglect of the disease

It is essential to take precautions while writing a will if you suffer from an incurable disease, disability or are in the coma. Mention who will take charge of your property and financial affairs, and if you have children, who will be their guardian. You could even designate a power of attorney or set up a trust to handle your affairs. You can now also pen down a living will, as stated in a recent ruling by the Supreme Court. You can decide the particular line of treatment or its withdrawal, if you want, by appointing an executor who makes the health-related decisions on your behalf.

8) Selection of witnesses

In case of NRIs we recommend you to choose witnesses only those who are willing to travel to India to testify in the courts if and when needed, if ever the will is challenged in the court of law.