In the earlier write up, we made a passing reference to the need for making a Will. Let us examine in simple words its utility.

A will is a legal document through which you can allocate your wealth to your loved ones after your death. This has tremendous benefits. Firstly, your wishes have to be adhered to by your family members. This avoids acrimonious legal issues between family members for distribution of your wealth amongst themselves. Secondly, you will be free of the burden of worrying about how the family members will react after your death on the issue of your wealth.

Making a will is not very difficult. Here are few simple steps:

1. Make a detailed note of all your wealth. This will include your bank accounts, your investments in equity, mutual funds, post office schemes, bonds, property, gold, etc. Collect various details such as your bank locker number, your bank account numbers, your demat account number, etc.
    

2. Decide on who should be the executor of your will. A close friend but younger in age to you whom you trust completely would be also a good choice.
    

3. With the help of a lawyer, prepare your will and include all the details of your wealth. When you are planning on the distribution, be very clear on how much each person gets. For instance, if you want to allocate funds in your bank account to two family members, clearly state the percentage each should get. Make the will document foolproof; i.e., there should be no vagueness in your statements.
    

4. Get your will registered. While registration is not legally required, it adds authenticity to your will and prevents subsequent complications.
    

5. Hand over your will to the executor for safe keeping. Keep a copy of this also with yourself.
    

6. You should create your will as soon as you have accumulated some decent wealth that you believe will lead to problems between your family members after your death. For instance, if you have purchased a flat, this valuable asset will become the focal point of concern among your family members. It is important that only you decide on who gets this vital asset on your death.
    

7. Once you make your will, it does not mean that you will no longer accumulate any more wealth. You should therefore provide for allocation of future wealth build up in your will itself. This will help you avoid the hassle of creating a fresh will periodically.

Few basic issues about a will:

1. A valid legally binding will does not require any stamp paper. It could be on plain paper, even on the back of an envelope.
    

2. But it should be signed by you the maker of the will in presence of two other witnesses who should sign in presence of each other and you. Have their addresses also stated in it.
    

3. You, the maker of the will, should be in sound physical and mental health and hence one of the two witnesses could be your family doctor who could testify, if necessary, to that effect.
    

4. Executor(s) of the will should be ideally younger in age than the maker of the will. Beneficiary can also be an executor of the will.
    

5. Execution of the will attracts no stamp duty, no gift tax, no income tax nor any estate duty, and certainly not death!
    

6. It merely facilitates smooth devolution of the wealth to the desired set of persons without they having to go to a Court of Law for obtaining a Probate.
    

7. A will supersedes all the provisions of the applicable Succession Act.

Conclusion

Contrary to the general belief, estate planning is important for everyone with wealth and not necessarily only for the super rich and famous. Presently particularly in metro cities like Mumbai, life has made “living” uncertain, riskly and dangerous. It is an act of wisdom and foresight on the part of anyone with some wealth and also lots of love, care and concern for the well being of the near and dear ones. While leaving behind wealth, let us not leave behind any problems and acrimony!