Will
Will

WILL

What is a Will

A will is a written document that legally establishes how a person’s estate, including portions or percentages of the estate, specific gifts, and the creation of trusts for management and future distribution (a testamentary trust), will be handled after their passing. The will registration process ensures that this document is legally valid and enforceable.

A will usually name an executor (and possibly alternate executors) to manage the estate, states the authority and obligations of the executor in managing and distributing the estate, sometimes provides funeral and/or burial instructions, nominates guardians for minor children, and spells out other terms. To be legally valid, the will must be signed by the testator, dated, and witnessed by two people who are not beneficiaries.

If no executor is named or if the named executor is unable to serve, the court appoints an administrator (“with will annexed”). A written amendment to a will is called a “codicil” and must be signed, dated, and witnessed just like the original will. Many people opt for online will services to simplify the will registration process.

Why you need a will

Creating a will is crucial if you have dependents or wish to leave assets to individuals other than your immediate family. A will lawyer can guide you through the process and help avoid legal complications. Without a will, your estate will be distributed according to applicable succession laws, which may not align with your wishes. Will registration ensure that your document holds legal standing?

Common mistakes while writing a will

Many people attempt to write their will without consulting a will lawyer, leading to errors that can invalidate it. Some common mistakes include:

  • Forgetting to sign the will
  • Inserting vague or impractical conditions
  • Failing to date the will
  • Not having two witnesses sign the will
  • Making a beneficiary a witness
  • Omitting an executor
  • Assuming “your child” includes stepchildren or foster children
  • Bequeathing assets that cannot legally be transferred

To prevent these errors, consider will registration with the assistance of a will lawyer or an online will service.

Myths about a will

1.You Only Write a Will When You’re Old​

Writing one is essential at any age if you have significant assets. Death does not come by appointment.

2.Only Wealthy People Write Wills​

Everyone with assets should draft one. Online platforms make it accessible to all.

3.Making a Will is Expensive​

Legal or online services offer affordable solutions. The cost of not having one can be far higher.

4.Making a Will is Complicated and Time-Consuming​

Legal or online services simplify the process, ensuring clarity and validity.

5.A Person Can Write Only One in a Lifetime​

It can and should be updated periodically. Registration ensures recognition of the most recent version.

6.Spouses and Children Automatically Inherit Everything​

Without one, inheritance laws apply, which may divide assets in unexpected ways. Proper registration ensures wishes are honored.

7.You Can Disinherit Family Members Without Explanation​

To avoid disputes, it is advisable to clearly state reasons with legal guidance.

8.Wills Can Be Amended By Hand Anytime​

Changes require a codicil or a new one, both needing proper registration.

9.Only Assets Make Up an Estate​

Debts must also be settled before distribution. Legal guidance can help specify debt settlements.

10.Guardians of Minor Children​

A guardian is responsible for their care and welfare. Registration helps legally establish guardianship.

Types of Guardians

1.Natural Guardians

 Parents or legal spouses

2.Testamentary Guardians

Appointed through a will

3.Courts-Appointed Guardians

Appointed if no will exists

A will lawyer can assist in nominating a guardian and ensuring legal compliance.

EXECUTOR OF A WILL

Definition of an Executor

An executor is responsible for administering the estate according to the will. Will registration ensure the executor’s role is legally recognized?

Who can be an Executor

TUnder the Indian Succession Act, an executor is chosen by the testator and named in the will. The executor ensures that debts and taxes are settled before distributing assets.

Major Duties and Responsibilities of an Executor

  • Take possession of the will and inform the heirs
  • Notify creditors and government agencies
  • Decide if probate is necessary
  • Set up a bank account for the estate
  • Maintain property until distribution
  • Distribute assets according to the will
  • Resolve disputes and handle legal challenges

Liabilities of an Executor

An executor may face legal challenges if:

  • They mismanage estate assets
  • They fail to pay estate taxes
  • They distribute assets improperly
  • They act in a conflict of interest

A will lawyer can help mitigate these risks and guide the executor through legal responsibilities. Will registration further safeguard the process?

  • You fail to properly secure and insure the assets of the estate, and it suffers a loss as a result
  • You diminish the estate through imprudent investments or inadequate record-keeping
  • You fail to pay taxes on the estate, in which case you may be personally liable for interest and penalties
  • You sell an asset of the estate without authority to do so
  • You delay the settlement of the estate unnecessarily or are tardy in executing important transactions
  • You engage in actions that constitute a conflict of interest
  • You improperly delegate decisions to others who have no legal authority over the estate
  • You approve a co-executor’s or co-administrator’s breach of duty.

Fortunately, you can usually avoid these problems by taking a few simple steps:

  • Most important of all, stay in touch with the estate’s beneficiaries. Keep them informed of your actions and the general condition of the estate.
  • Promptly meet all required deadlines.
  • Maintain accurate records of all estate transactions and document all decisions made. Keep receipts of distributions made to beneficiaries.
  • Obtain the written consent of all beneficiaries when changing estate investments.
  • Obtain a court order from the probate court for significant estate transactions. Petition the court if the will is unclear regarding particular items.
  • Keep affairs of the estate confidential.
  • Avoid conflicts of interest. Do not put your interests ahead of the interests of the estate’s beneficiaries, and do not use assets of the estate for your gain or profit.