The Road Less Travelled: 8 Steps for making a Will

In a time like today’s when we have complete lock-down of the cities, we should try and use this as an opportunity to assess our estate plans. We should discuss with our family the future objectives. During the days of the lock-down, we will try and assist you with a few basic things to organize your estate planning closet.

But before we start, we will take you through certain basics like what is an Estate and what is Estate Planning?

An estate is everything that you own in your individual capacity.

Example: Car, Jewelry, Investments in mutual funds or shares, Bank Account, Shares of Unlisted Companies and etc.

An estate plan is a process that involves planning for the transfer of an individual’s estate, during and after his lifetime.

Below are 8 steps to prepare a Will:

Step I: Itemize all the assets
This helps in identifying and consolidating not only all your assets such as land, property, jewelry, etc but also how the assets are held. For example, the locker where the jewelry is held, in what name is the property held, etc, therefore reducing the risk of any assets being left out or unclaimed.

Step II: Itemize all the liabilities
This helps the executor of the Will to settle the liabilities (if any) before distributing the assets, therefore, avoids any potential disputes and court proceedings.

Step III: Decide who will be the executor of the Will
This is a very important aspect to decide, as the Executor is a person responsible to execute the Will post demise of the Testator (creator of the Will). By identifying the Executor in the Will, it settles the issue who will be in charge of the estate and execute the Will as per the instruction mentioned in the Will.

Step IV: Decide who will witness the Will
For a Will to become a legal document 2 witnesses must sign the Will. It is recommended that one should choose such persons as witnesses who will be easily traceable post the demise of the Testator. Preferably, a witness should be younger than the Testator.

Step V: Get a medical certificate
Though, this is not a mandatory step. A Medical certificate of sound mind from a family doctor is advisable, to suggest that you were of sound mind when you have written the Will, therefore it minimizes the risk of someone challenging the Will for the reason that “you were mentally incapable” while writing a Will.

Step VI: Decide who will get which asset and liability
By making clear demarcation which assets will go to who will not only give clarity to the executor to distribute the assets but also gives clarity to the family members, therefore minimizing the risk of dispute.

Step VII: Appoint a guardian for the minor or special needs person
You can appoint a guardian of your choice for your minor/special child, if you do not appoint a guardian in the Will then the Law’s defacto arrangement will decide the guardian, which may or may not be your choice.

Step VIII: Proper execution of the Will
- Once a Will is drafted, one needs to go through the   same and check if all the facts are correct;
- Testator to sign the Will on all pages;
- Make sure when you are signing the Will it is in   presence of the Witness;
- Witness to sign the Will;
- You may choose to register the Will with the local sub registrars of assurances, (however the same is not mandatory);
- Post the signatures you can keep the Will in bank lockers/home;
- Keep your appointed executors informed about the Will and where it is kept to avoid issues/delays at the later date