Why Every Indian Should Consider Writing a Will: A Must-Read Guide
Why you need a will, how to create one, plus important tips
In India, creating a will is often overlooked or delayed, either due to cultural hesitations or the misconception that it’s only for the wealthy. However, whether you’re a salaried employee in Bengaluru or a farmer in Punjab, a will can bring clarity and protect your loved ones from unnecessary stress. Let’s dive into why a will is crucial, when it’s a must, and how you can create one effortlessly.
In India, inheritance can follow one of two paths: 'Testamentary succession' (when there is a will) and 'Intestate succession' (when there is no will). When you leave behind a will, it acts as your voice after you're gone, directing exactly who should receive your property, whether it's a family member, a friend, or even a charity. Without a will, your estate will be distributed based on inheritance laws, which may not completley align with your personal wishes.
What is a Will and Why is it Important?
A will is a legal document that outlines how your assets will be distributed after your death. It also allows you to appoint guardians for your children or other dependents. In India, if you pass away without a will, your estate is distributed according to personal laws such as the Hindu Succession Act or the Indian Succession Act. This might not align with your wishes and can lead to family conflicts.
Why You Should Have a Will:
Prevents Family Disputes: A will eliminates confusion and prevents arguments over property and inheritance.
Protects Minor Children: You can appoint a guardian to ensure their well-being and financial security.
Simplifies Legal Processes: It streamlines the transfer of assets to beneficiaries, saving time and effort.
Ensures Your Wishes Are Respected: From dividing assets to supporting charities, a will gives you complete control.
Nominee vs. Heir: Why a Will Is Still Essential
A common misconception is that naming a nominee for your assets, such as a bank account or life insurance policy, is sufficient to ensure your wishes are honored. However, this is not the case. A nominee is not the legal heir but simply a custodian of the asset. The final ownership is determined by either a will or inheritance laws, and a nominee may be required to hand over the asset to the rightful heirs.
For instance, if you nominate your spouse for your bank account but do not leave a will, your children (or other family members) may have legal claims to that money, depending on the inheritance laws. A will avoids these complications by clearly defining who should receive what - as per your wishes.
When is a Will a Must?
While everyone can benefit from a will, there are specific situations where it’s absolutely essential:
Complex Family Structures:
For instance, Rajiv, a software engineer in Pune, remarried after a divorce. He has children from both marriages and wants to ensure fair distribution of assets. A will is the only way to clarify his intentions.
Significant or Diverse Assets:
Meena, an entrepreneur in Mumbai, owns properties in different states and investments in mutual funds. Without a will, her heirs would face legal hurdles managing these assets.
Minor Children or Dependents:
If you’re a parent like Anjali, a single mother in Chennai, a will ensures your child’s guardian and financial future are decided by you, not the courts.
Charitable Goals:
Suresh, a retired teacher in Kerala, wants to donate part of his wealth to an NGO. Specifying this in a will ensures his philanthropic wishes are honored.
When is a Will Not Urgently Needed?
While a will is always advisable, there are cases where it might not be immediately necessary:
Joint Ownership:
Assets like jointly owned bank accounts or homes automatically transfer to the surviving owner.
Nominee-Designated Assets:
If you’ve designated nominees for life insurance policies or savings accounts, these assets bypass the need for a will.
Succession laws match your intentions:
The default succession laws are sufficient, along with adding nominees where relevant, in case the intended recipients of your assets match the letter of the law.
How to Frame a Will in India
Drafting a will isn’t as daunting as it seems - it is actually straightforward. Here’s how to do it:
List Your Assets: Include everything—properties, bank accounts, investments, jewelry, and ancestral possessions.
Decide Beneficiaries: Clearly specify who gets what to avoid disputes.
Appoint an Executor: Choose someone trustworthy to carry out the will’s instructions.
Name Guardians for Children: Ensure your children’s future is in trusted hands.
Draft Clearly: Use simple language to avoid misinterpretation.
Get Witnesses: In India, at least two witnesses are required to validate a will.
Consult a Lawyer: While optional, legal advice ensures your will is comprehensive and compliant with laws.
Registering a Will: Is It Necessary?
In India, registering a will is not mandatory but highly recommended. Registration strengthens its authenticity and makes it harder to challenge in court. Here’s how to register your will:
Draft the Will: Ensure it’s error-free.
Visit your local Sub-Registrar’s Office: Submit the original will with identification documents.
Bring Witnesses: The same two witnesses who signed the will should accompany you.
Pay the Fee: Registration involves a nominal fee.
Store Safely: Keep copies of the registered will in a secure places - accessible to your family. You can even store your will as a pdf on SuperFam's vault.
Common Issues with Wills in India
Vague Wording: Ambiguity can lead to disputes.
Ignoring Updates: Major life events require revisions to your will.
Overlooking Legal Formalities: Missing signatures or witnesses can invalidate the will.
Forgetting Legal Heirs: Ensure no rightful heirs are unintentionally excluded.
Lack of Executor: Appoint someone capable and trustworthy to execute your will.
Best Practices for Writing a Will
Be Specific: Clearly define asset distribution to avoid confusion.
Update Regularly: Revise your will after significant changes in your life.
Inform Your Family: Communicate your intentions to reduce misunderstandings.
Store Safely: Use a secure location like a bank locker or with a trusted legal advisor.
Seek Expert Help: Consult a lawyer to ensure compliance with Indian laws.
Conclusion: Take Charge of Your Legacy
Think of a will as your final gift to your loved ones. It’s not just a document but a way to provide clarity, avoid conflicts, and secure the future of those who matter most to you. Whether you’re 25 and just starting out or 70 and planning your retirement, creating a will is a responsibility you shouldn’t delay.
Many families face unnecessary challenges due to the absence of a will. Don’t let your legacy be a source of stress for your loved ones. Take the first step today—consult a lawyer, draft your will, and ensure your wishes are honored. It’s a small effort that leaves a lasting impact.
