As an individual of ordinary prudence, we must know and understand the basic concept as to “What is a Will” and dismiss all the incorrect myths prevailing in our minds as educated adults/professionals/businessmen and others. Here are some simple specifications to keep in mind before you proceed to create a Will:
- A Will can be drafted by self or through Profaides by any individual – whether male or female who owns any kind of property (whether big or small) e.g. flat, bank account, insurance policy, shares, provident fund, gratuity, postal deposit, jewelry, etc.
- A Will created or drafted through Profaides is nothing but a written document containing a certain set of instructions to distribute your properties after your death, as per your wishes and command to your family i.e. to your parents, spouse, children, needy friends, relatives, servants, charity, etc.
- A Will does not require any stamp paper; it can be made on plain paper or can be initiated by an agent .
- A Will can be created in any language which is known to the person when he/she is medically fit for mental capacity and not in coercion.
- A Will can be hand-written or typed and executed by availing various will executor services.
- It requires basic specifications like your personal details, details of your family, your properties and assets, and details of your wishes for the distribution of the same.
- A Will requires your signature and also the attestation/signature of any two witnesses when you sign your Will. Your beneficiaries as per the Will cannot sign as witnesses as they have a vested interest.
- Registration or Notary of a Will is not compulsory; it is optional. You may do so if you wish to. For Registration of Will you will need to visit the nearest sub Registrar’s office from your current residence address along with two witnesses. Your original Will can be kept at any safe place such as home, safe deposit locker, with a friend/relative/lawyer or executor of Will.
- NRI can make a separate Will for India based assets in addition to local asset Will as per local laws. Online Will is best solution for NRIs to avoid specific visit to India for making a Will.
Also Read: https://capaa.in/statutory-audit-2/