How to draft a valid will? Things to keep in mind

A will is a legally binding document that ensures your decisions regarding your property or assets are carried out accurately in case of your death. According to the Indian Succession Act of 1925, you can create a will as long as you are not a minor and have stable mental health. Having a will becomes important when you have multiple legal heirs for your company. Lack of legal will can create a lot of major complications for you and your organisation in the future. Any individual who fulfils the mental health conditions required and owns a property can create a will. To create a legally binding will, several procedures must be fulfilled along with the required documentation. Assess your property carefully Making an exhaustive list of all your assets, including real estate, bank accounts, investments, online assets, and personal property, is the first step. It’s crucial to detail all of the unpaid liabilities. It will help you in distributing the properties and deciding the share among your heirs. Find the right suitors Finding the people you want to inherit your possessions is the next step. Clarity regarding the beneficiaries who will receive the assets is crucial. Beneficiaries can be people or organisations. The decision should be solely yours and it should be well-thought considering the company’s or family’s financial future. Choose a right executor Appointing an executor is also necessary. The executor, who will be in charge of carrying out the testator’s wishes according to the will after their death, should be a reliable person. It is crucial that the will owner asks the potential executor if they are ready to do the task. Draft your will with precise words The writing of a will can be done in any manner. However, when drafting one, one must be precise and unambiguous. Do not include any clauses that could lead to misunderstandings. The will is valid for execution only if signed in the presence of at least two witnesses. It is better to register the will after drafting. With this, you can get a legal copy of your will. This will also help compare the original will with the one that has been presented to check for signs of manipulation. If the original is lost or damaged, you can also go to the registrar’s office to request a duplicate. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .