To will, or not to will... that is the question...

The idea of making my Will just makes me morbid. And it also is a touchy subject in most families, not just because it is associated with death. Anything about assets, and division thereof always makes me think of a long family drama type movie where siblings fight over an estate.

That said, most people I speak with are of the opinion that as long as nominations are in place, a will is not necessary. Refer this blog post for the difference between the two. I do wonder out loud in these discussions, where jewellery and land have nominees, to which the answer usually is - "they" will divide it equitably.

I am no expert in inheritance law, nor in the legalities of will-making, so this blog is just my take on the topic after attending a very informative webinar as applicable in India. People (well, I certainly do) want some part of the wealth accumulated to be spent in a certain way after they are gone - be it charity, spirituality or in the way things are divided. However, making my wishes known is one thing, but enforcing it is another altogether.

That is where a will comes into play. But even before making a will, do you (or I) have an inventory of assets? Of course it needs to be kept updated as well, as I hope to have a long and very prosperous life ahead of me.

Here were my takeaways about making a Will

1. It does not have to be on a stamp paper or in legalese terms. Simpler the better. Leave no room for ambiguity

2. Register the will if possible so there is no doubt that the will is made by you.

3. You don't have to type it out . In fact, a self-handwritten will may be a better option than a typed one in case of any dispute. (Refer every inheritance family drama ever in South Indian movies for will forgery) esp. for unregistered wills

4. Ensure it is clear and communicates your wishes on eat asset class if you have a different treatment: Jewellery goes to XYZ in 30-70 proportion. Money in fixed deposits goes to the following charties in the following proportion etc.

5. Ensure there are two neutral witnesses (neither are beneficiaries) who if push comes to shove will testify that you were of sound mind while making the will. (Okay, i added the sound mind clause on my own after thinking about some Sydney Sheldon book)

6. Sign without leaving any space after the text so that no addendums can be inserted post facto

7. Store a copy of the will with people you trust (who mostly won't be your lawyer - the lawyer who chaired the session explicitly said this!!!) and let a few people know where the original will is.

Remember, we can change the will as many times as needed. Nominees of fd/other assets are not presumed heirs. They are custodians of the property till it can be settled. So it is possible that you may in good faith assume your nominee will inherit, but in reality, the nominee may be challenged by other people who claim they have some right as well!

There are e-will services available online, which I am yet to explore (and I will do that eventually). But apparently the simplest thing in terms of a hand written paper will may be the best option to minimize any confusion! So to summarize:

1. Inventorize and keep tabs on your assets (all sorts of them)

2. Update nominees but keep in mind that they dont automatically stand to inherit

3. Write a will, store it and let people know where to find it so that all your good work is not wasted!!!