Will Drafting

Drafting a will

Any person declaring his will is called a Testator. Basically, it is a means of legally defining, who will inherit the property after his death.

Basic concepts of a will:

• It is extremely easy to make a will
• Language can be simple, but intention has to be clear in writing
• It must be signed by atleast 2 witnesses.
• Will does not have to be registered, but it is good if you can register
• You can change your will at any time
• You can revoke your will at any time, with/ without making a fresh will, but must be done in a proper way with signature of testator
• A supplement to the will (called ‘codicil’) can be made, but has to be also signed by 2 witnesses.

Technical Terms:

• If a person dies without making a will, he is said to have died ‘intestate’, in which case Indian Succession law 1925, will apply based on your religion.
• Probate is granted by a court, certifying the validity of the will. Obtaining a probate is compulsory to execute the will of the testator.

Steps to Write A Will:

• Personal Details – You have to state your name, father’s name, residential address, Date of Birth etc.,
• Declaration of Date – It is very important to clearly mention the date of preparing your Will.
• Validate Free Will – You can mention that you are not under any influence and you are not forced to prepare this Will by any person.
• Provide Executor’s Details – Executor is the person who will implement/execute your Will. Hence, clearly mention his/her name, address, your relationship with him/her, age etc.,
• Details of Assets & Beneficiaries – This is a very important section. List all immovable properties with clear addresses. Mention the movable assets like bank deposits, insurance, units of mutual funds etc., Mention the name of beneficiary(ies) for each asset. (For Mutual Funds – mention the Folio no’s)
• Signature – Sign the Will after mentioning the above details
• Signature of Witnesses – You have to get the Will attested by minimum two witnesses. Make sure that they mention their father’s names and addresses.

Frequently Asked Questions:

a) What is a Will? 
Will is a legal declaration of the intention of a testator with respect to his property, which he desires to be carried into effect after his death. It is testamentary instrument by which a person makes disposition of his property to take effect after his death, and which, in its own nature, is ambulatory and revocable during his life.

b) What are the essential characteristics of a valid Will?
a) It must be intended to come into effect after the death of the testator; and
b) It must be revocable by the testator at any time. Although Wills are usually made for disposing property, they can also be made for appointing executors, for creating trusts and for appointing testamentary guardians of minor children.

Sample Draft Will / Sample Will Template

Below is the sample Will format:

I, Shri/Smt ………………….. son/daughter/wife of Shri ……………..,resident of …………………., by religion………….., do hereby revoke all my previous Wills (or) Codicils and declare that this is my last Will, which I make on this …….(Date)………………… My Date of Birth is ………….

I declare that I am in good health and possess a sound mind. This Will is made by me  without any persuasion or coercion and out of my own independent decision only.

I appoint Shri………………….. Son/daughter of ……………, resident of …………. to be the executor of this Will. In the event Shri…………… were to predecease me, then Shri……………., will be the executor of this Will.

I bequeath the following assets to my Wife Smt……………..

1. My house located at………(address)………

2. Bank balance of my savings account no…………………..with ……………(bank name & bank address)………

3. My Bank fixed deposits in …….(bank name)…..bearing ……..(FD receipt nos)……..

4. The proceeds of my Term insurance policy ….(Policy no)……, from…….(insurance company name)………

5. The contents of bank locker no………, with bank…………, bank address……………

I bequeath the following assets to my son Shri……………

1. Residential Plot no…….., located at…………….

2. My car with registration no……….

3. My mutual fund investments with folio numbers…………………..

4. Any other asset not mentioned in this Will but of which I am the owner.

All the above assets are owned by me. No one else has rights on these properties.

 Signature of Testator

Witnesses

We hereby attest that this Will has been signed by Shri………….as his last Will at ………(Place)……… in the joint presence of himself and us. The testator is in sound mind and made this Will without any coercion.

Signature of Witness (1)                                                       Signature of Witness (2)    

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