FAQs on WillPosted: June 9, 2013
FAQs on WILL
By CA Vimal Punmiya
Q.1 What is a Will and the benefits of making one?
Ans: A WILL is a written document in which you provide for:-
- the administration of your estate/assets when you die; and
- the distribution of your possessions in specific proportions to specific people whom you wish to have a share of your estate/assets;
- appoint a person or persons of your choice to administer your estate; and
- appoint a guardian or guardians for your infant children (if any).
In other words it a document where you direct, who is to receive your property upon your death. If you have any real property (land) or personal property (cars, jewelry, money) that you want to give to a specific person than you must have a will.
Q.2 Should everybody – working or non-working person, man or woman make a will? and What if you die without making a Will
Ans: “Where there’s a Will, there’s a way….Where there is no Will, there will probably be family bitterness/family disputes…” If people die without a WILL, then the law will decide to whom the property of the deceased person should go to. Thus, every person whether working or non working , man or women should make a will.
Q.3 When should people make a will? At what age on an average?
Ans: Every adult, no matter what age, should have a Will. Most preferably a person above the age 50 should have a will. And while making a Will a person must be of sound mind.
Q4 How do they make this will? Is there a process to making a will? What kind of paper is to be used? What language do they write it in? Do they need other people to witness the will?
Ans: No prescribed form for a Will; only needs to be signed and attested
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