The Will – Have You Written Yours?
Writing your Will is the most important thing you can do for your kids
If the Covid-19 pandemic has done one thing, it has put us in touch with our mortality. We have all lost someone in our circles. Therefore, there is no better time than now to discuss that all-important document – The Will.
Yes! None of us is going to live forever, cheery thought that. But still many of us go about like we might.
In a nutshell, now is the time to write your ‘Will’ and be done with it.
I know it sounds a lot easier than it is. Believe me, once you get to it, it is actually quite straightforward. Let us go through the process step by step, so you can do it yourself. Immediately.
First, let’s get some terms cleared up
Will: A Will is a legal document that spells out your wishes regarding the care of your children, as well as the distribution of your assets after your death.
Testator: The person who writes the Will is called a Testator.
Executor: The person who is entrusted with the job of carrying forth the instructions written in the Will is an Executor
Witnesses: Persons stating that they have observed the testator sign the Will. The two witnesses should not receive anything from the inheritance.
Codicil: A document that is added to the Will to clarify or modify parts of the Will.
Intestate: A person who dies before making a Will. I am sure it will not be applicable to you now.
There, now you have all the relevant terms in place.
Who needs a Will?
The short answer to that question is – ‘everyone’.
A Will is not something only wealthy people need to create because they have complex plans for their inheritance. Each one of us will leave something behind, it could be that flat you have worked all your life for or the inherited ‘maa ke kangan’.
Each one of us owes it to our children/dependents to write a Will and clarify what should happen after our passing.
Why do we need one?
When you pass, you will leave behind all your belongings. You want to make sure that everything you have worked for through your life goes to the people you want it to go to.
The pain of your passing will be bad enough, you want to make it easier for your heirs to find everything that you have set aside for them.
The Will, written, signed and witnessed will make it easier for your heirs to get everything that is rightfully theirs.
I know, talking about one’s mortality is not easy. However, this is a seriously important topic and should be given the attention it deserves.
Now let us come to what all you need to include in your Will.
The minimum things to include:
- State who you are and the fact that you are of a sound mind as you write the Will. Include the day and date.
- State who the Executor/s will be
- Clearly call out who your heirs are
- Finally, include all details of your belongings (real estate, bank accounts, financial investments, jewellery etc.)
- Include liabilities if any and instruct the executor about what actions to take with regard to them
- Include clear instructions on what should be done with the assets (minus the liabilities). If you have multiple heirs then in what proportion you want the assets to be divided should be explicitly called out.
Here are two words I would like you to take to heart when writing your Will:
Comprehensive and Unambiguous
Comprehensive: Make sure you cover every little thing in the will – every bank account, stock investment, piece of gold jewellery
Unambiguous: Do not leave anything open to interpretation. Be crystal clear in the instructions you leave for the executor.
Who should you choose as an executor?
The executor should be a trusted person you can rely on. You are entrusting the executor with the tough job of making sure your property passes to your heirs.
You want to be sure about their integrity and trustworthiness. It will also help if you are reasonably certain of them outliving you and at least being in charge of their wits when you pass.
While I am being a little flippant for effect here, it is a decision with lasting ramifications, so do deliberate over it.
What about witnesses?
Witnesses should be persons with good standing in society, and they should not receive any part of the inheritance. It will be important to include their complete contact details within the Will. Just in case they need to be contacted at the time of execution.
What about assets that change in value, such as shares or bank account.
In these cases, you can consider bequeathing percentage amounts to your heirs. You can note down all the accounts and investments and bequeath percentage quantity to your heirs. These are of course specific questions you should discuss with a lawyer.
Does the Will need to be registered
There is no requirement to register the Will. However, if you are expecting legal challenges with the execution of your Will then it might be important to do so. Your aim is to make it as easy as possible for your heirs.
Should I go filmy and video-record the Will
Why not?! You can also make a Tik Tok video and share it on social media.
More seriously though, anything that you can do to make it easier for your heirs is what you should consider.
You can make a video where you read the Will out on camera. This will serve to make your Will stronger if anything.
Where should we keep this document?
It is important to keep the Will in an accessible place. If you have legal advisors (why are you still reading this) then of course leave a copy with them. Your heirs and executors should be able to find the Will when it is needed. Let them know where you keep it.
What next.
It will be important to periodically review the Will and see if it needs updating. It might not need to be done every few months but might be important enough to be done every few years. Especially if your circumstances change in terms of money or relationship.
There you are, now that you have all the information you need, buckle down and get the Will written this very week. Speak to your partner and decide who should be the Executors and Witnesses.
Take the time and do a comprehensive and unambiguous job of writing your Will.
You can read this Investopedia entry for more information. I also found this Eco-T article very useful. You can also read about the very basics and ten fundamentals.
Takeaways:
It is super important to write your Will.
It is not hard to do but it is necessary. Be Comprehensive and Unambiguous in writing your Will.
Choose a good executor and have objective witnesses sign your Will.
Keep it in an accessible place and let your heirs know where it is
Review it periodically and update as needed
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial or legal professional before making any significant financial or legal decisions.
