As we age, we become more aware of the need to plan for the future. One such crucial aspect is writing a Will, a legal document that outlines how one's assets are distributed after death. However, it can be a daunting task, especially for seniors.
A Will allows individuals to nominate an executor to manage their estate and ensures that their loved ones are taken care of. In the absence of a Will, assets are distributed per the succession act, which may not necessarily reflect the person's wishes.
Says Abhishek A Rastogi, founder of Rastogi Chambers: "The importance of a Will comes into play when the distribution has to happen other than the ratio provided in the succession act. In such situations, the Will must be drafted appropriately with all disclosures and appropriate evidence is created so that there is no challenge to the credibility of the Will."
There are certain things seniors should keep in mind when writing a Will.
Key Considerations For Seniors Writing A Will
Include Complete Details: The person must mention their complete details, including name, parents' names and address, and the date of the Will. This ensures that the document is legally valid.
Specify Assets: The Will must specify the assets covered, ideally all investments, to avoid confusion and prevent future disputes.
Name An Executor: The Will must include the details of the executor who will manage the estate after the person's death. The executor must be trustworthy and can be relied upon to carry out the person's wishes.
Name Beneficiaries: The Will must include the names of beneficiaries and their share of assets. It must be unambiguous in such aspects.
Draft The Will Without Any Force Or Duress: The person must explicitly state that the Will was drafted without force or coercion to ensure free testament.
Register The Will: The Will must be a registered document, and if there is any previous Will, then the last Will must be mentioned in the current document. The witnesses must be credible, as most disputes arise only when witnesses go hostile.
Writing a Will is crucial to financial planning, especially for seniors. It ensures their wishes are fulfilled after their death and their loved ones are cared for. The fulfilment of these conditions shall lead to an undisputed and clear will of any senior citizen. As Anushkaa Arora, principal & founder of ABA Law Office, says, "A Will is the document of an individual which expresses of his/her properties should be distributed after his/her death." Therefore, seniors must take the time to plan their estate and write a Will that reflects their wishes.
