Will in India
A will is something that everyone writes at some point in their lives, and it is a detailed document clearly stating his wishes to be executed by the people concerned post his death. In India, writing a will is more complicated than writing it abroad. First, because people do not have the required knowledge, and second, most people in India stay in joint families and have multiple successors.
Key pointers to keep in for the period time while writing a will
If you wish to learn How to write a will in India, you must keep the key pointers in mind. Although the will is written by a third person called the testator, some provisions give you the right to write your own choice. You need to keep the following points in mind while writing the will.
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Make a list of assets and liabilities. –
When writing a will for yourself, the first thing you need to do is make a list of benefits and liabilities. It will be segregated into two categories:
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Movable
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Immovable properties.
Movable properties may include fixed deposits, cash, jewelry, etc. and Immovable properties include land. Then you need to minus the liabilities from the assets and calculate the total worth.
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Nominate your heirs
Next, you need to add your heirs as nominees or joint holders. It is wise to add your heirs as joint holders in movable properties. So, post your demise, they will automatically be the property owner. And, as for immovable properties, it is better to nominate one individual rather than give it to two or more people. It helps in avoiding discrepancies among the other members.
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Choose a confidante for the administration of the will.
In the last, the will shall be executed. Since Indians have joint families, it is vital to choose a trustworthy person or a confidante who would be executing the choice as per the norms laid by you in your absence. The entire process of execution is called the administration of the will.
Conclusion,
Therefore, to conclude, it can be said that to write a will in India, you need to keep three objects in mind. Firstly list will be made of all the assets and liabilities. Second, Nominate your inheritor as joint holders or nominees. And finally, you need to choose a confidante for the will’s administration. If you keep these three things in mind, you will write a practical choice in India all by yourself.
If you want more information regarding savings and investments Do Watch- Financial Education is a must – the concept of liquid funds
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