A will is a testamentary instrument which helps a person establish in prior as to how his or her assets shall be disposed of in the event of his/her unfortunate demise. Any individual who has attained the age of eighteen and is of sound mind can execute a will. Such an individual is referred to the testator of the will.
Execution of a simple will by the testator, thereby demonstrating how and when the assets are to be distributed, helps mitigate risks of future challenges on the distribution of assets. Do note that wills are not set in stone and can be revoked or altered by the testator at any time.
Key elements to be included in a Will
First and foremost, it’s highly essential to have all the contents of a will in a written form/physical form, and all details included in the will need to be written with utmost care and diligence. If the details are found to be incorrect or unreliable then they stand liable to be proved invalid in the eyes of law. Whilst legal verbiage need not be used, the wording definitely needs to be such that the intentions of the testator can be known therefrom.
1. Complete particulars: Full name and particulars of interested persons such as the testator, executor, beneficiaries, guardians (if any), and witnesses need to be provided. Lineage of the testator can be included for assistance in future inheritance of properties by virtue of instructions made in the will.
2. Particulars of Assets to be bequeathed: Particulars of all such assets that a testator wishes to distribute to his beneficiaries, on the event of his death, needs to be included in the will. Complete details of the assets should be clearly mentioned. For example-
- Property- Address should be written, details of title.
- Bank account- Account Number/Bank Name/Branch.
- Locker- Locker Number/Bank Name/Branch.
- Mutual Funds- Portfolio Number/ Association with the fund house.
- Insurance Policy- Policy Number/ Service Provider Name.
- De-Mat Account- Particulars of the account.
- Details of Employee Stock Ownership Plans (ESOPs).
3. Leftover assets: In some cases it is found that some assets are left after all the distribution and declaration. In such scenarios it is advisable that the testator names precisely as to what is to be done with the leftover part of his assets after distribution according to his instructions in the will.
4. Declaration on instant will: A declaration providing that the instant Will supersedes all previous wills made by the testator needs to be made in a Will. Such a declaration must mention the details of all previous wills and also a statement as to their revocation.
5. Self-Declaration: A Self-Declaration, providing that the testator has not created the instant will subject to any Force/Pressure/Coercion or Influence of other persons. This declaration also needs to include a statement which provides that the Testator at the moment of creating this will was in a sound state both physically and mentally.
6. Medical certificate: If the person executing the will is a senior citizen then they may attach a medical certificate which is confirming that the person is physically and mentally fit. Any such certificate should be issued by a Chief Medical Officer would be conclusive.
7. Executor: The testator in the Will must name an individual as his Executor, who shall, on the death of the testator take up the initiative to execute the instructions laid down by the testator in his will.
8. Beneficiaries: The testator in the Will has to precisely mention in writing as to who are the beneficiaries to the Will. In the Will, the testator should clearly mention within separate paragraphs, the details of every beneficiary and the proportion of his assets that are to be vested to them according to the instructions laid down in the Will, and particulars about their relation with the testator in the paragraphs where the assets are allotted to the beneficiaries..
9. Signature & initialing requirement: Signature of the testator and witnesses should be on all the pages of the will. Also, the place at where, and the date on which, the will is made, has to be mentioned in the will.
We are will-making, probate and estate planning law firm/lawyers in Gurgaon, Mumbai and Delhi and you may reach out to us at contact@corridalegal.com or 8826680614 in case you require any clarification(s) or assistance. Follow Corrida legal on LinkedIn for regular legal & regulatory updates: https://www.linkedin.com/company/corrida-legal-corporate-legal-compliance-solutions-new-delhi-mumbai