In this article are important factors that you and your parents should know about will and testament.
Why should my parents create a will?
A will helps them decide exactly who they want their assets to go to when they pass. In the absence of a will, these will be distributed as per law, with the court appointing someone to manage it. This could then result in family disputes and disagreements. It can also lead to a very long-winded and tedious process of getting the assets to the loved ones.
Is a will needed event if they’ve appointed nominees?
Yes, because a nominee isn’t a legal heir, but just somebody who looks after the assets until they are transferred to the legal heir. Without a will, the heirs are decided as per law, which could result in disputed if the nominee is not the heir.
How is a will made?
It can be hand-written or printed on a plain or stamped sheet of paper. A signature must be put below the last sentence, as anything written below the signature is not considered as part of the will.
It must also be signed by two witnesses. The beneficiaries names, ages, addresses should be put in the Will, with the details of each asset clearly mentioned.
Can the will be altered?
The will can be changed as many times as it needs to be, as long as the changes are made on a different piece of paper with the date clearly mentioned. Again, it needs a signature at the bottom of the last line and it must be attested by two witnesses.
Should it be registered?
It isn’t vital for a will to be registered, but it is recommended so that it is authentic and legal.
Can a will be made online?
Yes – numerous companies provide online services for making a will for a fee. This can help you to create a more valid, detailed and error-free will.
Is a lawyer needed to make it?
A lawyer is not needed, but they can help you make a valid will with no loopholes.
COMMON TERMS USED REGARDING WILLS
The legal document listing the intent of a person regarding the distribution of their assets after their passing.
Passing with leaving an invalid will or without any will. In this case, their estate passes by laws of succession rather than what would be the wishes of the deceased.
The person writing the will.
The person appointed by the will-maker to make sure their directions regarding their assets are carried out as per their directions.
The person who inherits personal property.
The granting of the right to administer a will.
Registration of the will
When a will is deposited to the registrar or sub-registrar of jurisdictional area by the testator, it is entered into a register with a certified copy given to the testator.