Many cases are pending in the country due to property disputes in the absence of a will or due to ambiguities in the wording of the available will. After preparing a will, it can be given more evidentiary value by getting it registered. The beneficiary gets the ease of enforcing the testator’s intent through his/her will. However, here are some important points that you must include in a will.
Distribution Of The Properties
Experts point out that it is vital to ensure that your assets are distributed the way you want them to be, without much “frictional cost” (for example, taxes, probate duty, etc.) and with appropriate safeguards to ensure that there is a fair distribution amongst all family members with minimal disputes.
Venket Rao, the founder of Intygrat Law Offices LLP, suggests, “The wordings of the will should be specific in the circumstances of more than one beneficiary ― It has been diligently followed through various judicial pronouncements that in the circumstances where more than one beneficiary is present in the will then the chances of arising of dispute are much higher thereby when the intent of the attestator reaches the doors of the Court than the wording manifesting the intent of the attestator also plays a crucial role.”
Steps To Deal With Post-Death Circumstances
The will should manifest and deal with post-death circumstances. It has often been found in the matter of will, wherein sometimes, will fails to address the issues of the post-death circumstances, and a certain portion of the will becomes defunct.
Choose The Best Suitable Estate Planning Option
Ameet Hariani, senior solicitor, arbitrator and mediator, Doing Chamber Practice, suggests, “There are various legal tools available for estate planning, such as:
- Powers of Attorney (General and Special; some can be only for a limited period)
Based on what you want to do, all or some of these can be used to achieve your purpose. Each of the above has some advantages and disadvantages. It would be best to discuss your end goals with your legal or financial advisor and make and implement a customised plan based on your needs. While implementing the plan, make sure you follow all the legal requirements. Each of the above has some specific requirements; follow them rigorously. If you try and take shortcuts, your purpose may not be served.”
A will can be revised any number of times, and the latest will replace the previous will. So, you can make your will as early as possible in your career, and you may revise it regularly according to changes in your estate plan.
The author is an independent financial journalist