Why creating a WILL is important for you?
In this Article we will deep dive about
· Introduction
· Will Preparation
· Requirements for a Valid Will in India:
· Different Kinds of WILLS:
· Government Rules
· Where to keep the Will Safe
· How Laztwordz Platform can help with your Will
· Conclusion
Introduction:
It's advisable for anyone above 30 years of age to establish a will. Why? Because life is unpredictable, and rather than blaming it, it's wiser to prepare for its unpredictability.
Responsibility takes shape as we start families, prompting us to contemplate our children's future and ponder what might happen if the unexpected occurs. Death knows no mercy.
In today's world, safeguarding our family financially in our absence becomes paramount. While term insurance provides financial security, creating a will ensures equitable distribution of your hard-earned assets and legacy among your family members.
A Will is the best way of communicating your list of assets to your family members. It is currently estimated that assets worth up to ₹1.5 lakh crore are lying unclaimed in Indian accounts, because families are not even aware they exist once their loved ones have passed away.
- Age Requirement: The testator must be 21 years or older, ensuring maturity and clarity in decision-making.
- Sound Mind: Adults of sound mind, excluding Muslim women, can draft wills. It's crucial to be mentally competent during the process.
- Writing Format: A will can be penned on plain paper and may be handwritten or computer-printed. However, handwritten wills hold superior credibility.
- Signature and Witnesses: The testator and witnesses must sign the will. It's advised to enlist the aid of two competent witnesses not slated as beneficiaries.
- Registration: While not mandatory, registering a will under the Succession Act, Section 63, enhances its legal standing and validity.
- Consultation: Seeking legal counsel during registration ensures adherence to legal protocols and enhances the document's validity.
Will Preparation:
Why do people hesitate to create a will? Often, it's due to the perceived complexity of the process, involving visits to lawyers and registration offices. In India, will registration isn't compulsory, but it lends legal validity to the document. Registering a will involves visiting the nearest sub-registrar's office with witnesses and paying a nominal fee.
Drafting a will is relatively straightforward. However, if complications arise, consider engaging a professional lawyer to assist in the process. Beforehand, familiarize yourself with the different types of wills in India to streamline the procedure. These include concurrent wills, holograph wills, duplicate wills, contingent wills, mutual wills, and oral wills.
Requirements for a Valid Will in India:
To ensure your will is legally sound in India, you must meet specific requirements:
Essential Elements of a Valid Will:
A valid will typically includes:
Importance of a Valid Will:
A valid will offers numerous benefits:
Issues Faced in Absence of a Will:
In the absence of a valid will, intestacy laws determine asset distribution, leading to unforeseen outcomes and potential conflicts. Guardianship arrangements may be lacking, and probate processes can become complex and costly.
Different Kinds of WILLS:
Crafting a will can seem like a straightforward task. However, should complexities arise, it's wise to seek assistance from a professional lawyer. Before diving in, familiarize yourself with the various types of wills available in India to ensure your choices align with your intentions. Let's delve into the different kinds of wills:
Concurrent Wills: These allow a person to draft one or two wills, segregating properties conveniently. One will focuses on immovable properties, while the other deals with movable assets, streamlining the disposal process.
Holograph Wills: Handwritten by the testator and signed, these wills hold irrefutable validity, making them a robust choice.
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Duplicate Wills: Crafted alongside the original, duplicate wills provide a security measure. Should the original be misplaced, the duplicate stands as a valid alternative.
Contingent Wills: Featuring clauses contingent upon predefined conditions, these wills are deemed invalid if said conditions fail to materialize.
Mutual Wills: Executed between two or more parties, mutual wills stipulate asset transfer in the event of one party's demise. For instance, a husband and wife might designate each other as beneficiaries.
Oral Wills: While less common, oral wills hold validity in select states, especially if there's a perceived fear of imminent death.
Now that we've explored the types, let's delve into the prerequisites for a valid will in India:
Laztwordz.in Visit now to know how to preserve your WILL and other necessary documents along with your hearfelft messages and cherished moments for the AFTERLIFE.
Key features of Laztwordz.in
1. Afterlife Message Preservation:
- Message Storage: Securely store messages, letters, and digital content intended for loved ones after passing.
- Multimedia Support: Include text, audio, video, and image files to convey your messages more personally.
2. Guaranteed Legacy Delivery:
- Trigger System: Our Trigger system will send the afterlife messages to the assigned receiver upon Verification.
- Multiple Recipients: Send messages to multiple individuals, each with personalized content and delivery schedules.
3. Secure and Private:
- Encryption: Use advanced encryption methods to ensure that stored messages remain confidential and accessible only to designated recipients.
- Authentication: Implement multi-factor authentication to protect user accounts and ensure that messages are only accessed by intended recipients.
4. User-Friendly Interface:
- Easy Navigation: Simple and intuitive user interface for creating, managing, and scheduling messages.
- Guided Setup: Step-by-step guides and templates to help users craft meaningful messages.
5. Legacy Management:
- Digital Legacy Planning: Tools for users to outline their digital legacy, including social media accounts, online subscriptions, and digital assets.
- Executor Support: Provide designated executors with the necessary information and access to manage and execute the user’s wishes.
6. Notifications and Reminders:
- Regular Reminders: Notify users to update their messages and ensure they remain relevant and up-to-date.
- Recipient Alerts: Send notifications to recipients when messages are delivered, providing context and instructions if necessary.
7. Customizable Options:
- Personalized Messages: Allow users to customize messages with personal anecdotes, memories, and unique touches.
- Flexible Plans: Offer various subscription plans to cater to different needs, from basic message storage to comprehensive legacy planning.
8. Support and Assistance:
- Customer Service: Provide 24/7 customer support to assist users with any technical issues or questions.
- Resource Center: Access to articles, FAQs, and support materials to help users make the most of the service.
By combining these features, Laztwordz.in aims to provide a comprehensive and secure platform for users to preserve their final messages and ensure that their last words are delivered to loved ones in a meaningful and timely manner.
Conclusion:
In conclusion, a will is a crucial document to have prepared for when the time comes. Life's unpredictability necessitates proactive planning. By consulting a lawyer and ensuring your will is valid in your country, you secure the future financial stability of your loved ones.
Having a valid will is essential for safeguarding your assets and ensuring your wishes are fulfilled after your passing. It's crucial to consult a lawyer to ensure your will meets all legal requirements and accurately reflects your desires. Prepare your will today to secure your loved ones' future, navigating life's uncertainties with confidence.
Having a will is crucial as it outlines one's wishes regarding the distribution of assets, care of dependents, and other personal decisions after death. Equally important is ensuring that this will reaches the correct hands when the time comes. A trusted platform for Indians, one of its kind Laztwordz.in, plays a vital role in this process.
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