InvestorQ : What is a "will" and how to write one without any hassles?
Arusha Ray made post

What is a "will" and how to write one without any hassles?

Ria Roy answered.
2 years ago
A will is a legal document that contains the list of your assets and liabilities as well as the name or person(s) who would have a share in those assets and liabilities. There can be two types of will: Standard will and Registered will. Standard Will: It needs to be put on paper, should have the signature of the testator or person making the will, along with two other witnesses.

Registered Will: It is a strong legal document and in case of a dispute is of utter importance. It is important to get your will registered in order to execute it properly.

You need to keep these things in mind to write a sound will:

1) Hire a qualified lawyer or professional: Though one can write a will on their own but taking help of a professional could save you from any setbacks in terms of legality and tax implications. They can easily help you avoid unexpected tax liabilities, loopholes, or unaddressed issues that can later become points of contention amongst beneficiaries.

Alternatively, you can opt for a digital will, which will obtain all data of your assets and liabilities digitally, without the hassle of hiring a professional.

2) Avoid making a Joint will: In a joint will, there’s a chance that one may forget to reserve benefits and privileges available for the surviving spouse/joint holder. If there isn’t any provision for that person in the will, they will become financially dependent on your other legal heirs.

3) Draw up an inventory of financial affairs: Just make sure you make a list of every item on your assets and liabilities. For example, make an account of even your card dues, outstanding debts, and outstanding receivables with a list of debtors, etc. List all your physical and virtual investments, any guarantee is given by you, life insurance plans, etc. This will help your legal heirs to get a fair share of your estate, otherwise, they will end up losing the opportunity to make a valid claim to your estate.

4) Do not create alternative copies of your will: It will create confusion for your legal heirs.

5) Update your will whenever it is required for the benefit of your heirs.

6) Do not rush into making your will when you are emotionally vulnerable: A will is a document of a lifetime as it is about distributing your entire wealth to the people you love and care for. Hence, it should be a well-thought process and not a decision was taken due to any emotional pressure.

7)Make provision for emergency and end-to-life care: This is also called living will and must include this clause in their will. It provides instructions for what treatment and care should not be undertaken if one is sick or unconscious.