Creating a will is an important step for senior citizens to safely pass on their legacy to the desired beneficiaries. By addressing some crucial points, senior citizens can determine the pathway to transfer assets to their loved ones after their demise. If the will comprises errors and omissions, timely correction must be done to eliminate the chances of legal disputes and its proper execution in the future.

“The Indian Succession law provides the right to amend, alter or revoke the WILL and also empower the testator to execute codicil for the corresponding acts of amending, altering or even revoking the WILL. Therefore, it is appropriate that the WILL is reviewed during the lifetime of the testator”, says Mr. Venket Rao, Founder, Intygrat Law Offices LLP.

Let us go through five crucial points that senior citizens must mention in their will so that their legacy is passed on to the intended heirs.

Proper Distribution Of Assets

List all of your movable and immovable assets in one place. It should include properties, investments, bank and retirement accounts, cars, government schemes, pension funds and other treasured valuables. Provide detailed instructions on how to pass on each item and who would be entitled to their ownership. Additionally, the receiver of rental or lease income, if any, should be clearly mentioned in the Will.

Name And Detail Of The Beneficiaries

Name the people or entities that will get all of your wealth in a clear and precise manner. Make sure there is no ambiguity or error while mentioning the beneficiaries as it can completely change your will’s purpose. Apart from naming the beneficiaries, describe your relationship to them, their age, sex, and address and mention their stakes in percentage as well as definite figures to avoid any confusion.

Disclose Your Debt Obligations

Disclose all your outstanding loans, debts, or other financial commitments such as credit card bills, bank overdrafts, etc., you may have. Give instructions on how to resolve them and who will be responsible to pay the debts and whether any particular assets need to be liquidated to clear them.

Name The Executor/Testator

“WILL is a testamentary instrument, most of the time, execution of the WILL comes into question before Court(s) and in the absence of testator or even the witnesses, the validity of the WILL becomes an arduous task to prove”, adds Rao.

Make a trustworthy individual the executor of your will. The executor will be in charge of following your instructions and managing the estate’s administration till the execution of the will. Let your attorney know about the appointment of the executor beforehand.

Name A Guardian

You should specify your desired caretakers or guardians in your will for dependent family members for example your children, parents or spouse who need to be taken care of. This makes sure that the people you trust are ready to accept responsibility for their well-being.

You must write a thorough and precise Will to make sure that your desires are honoured and that a clear path is laid out for your wealth inheritance. You can pass a great legacy to your family by completing a high priority on smart estate planning. In addition, try to get the Will registered, as a registered Will has greater legal validity compared to an unregistered will and it also clears the grounds for any ambiguity that may arise on account of modification or correction in the Will.

The Author is an Independent Financial Journalist