Will or Will Not

It never ceases to amaze me, when some of the most highly educated, intelligent and articulate people procrastinate or block attempts to discuss the subject of their mortality.  This reluctance is observable across age groups. In fact, the older, the more evasive. There are some lovely people who are in their 80's who just will not write their wills!

Do we not want to acknowledge that our time on earth has an expiry date? Do we feel that those who are lucky to inherit from us should need to work a little bit for it? Fear that our beneficiaries will then circle around like vultures? Caginess at putting things down in writing? Or just simply procrastination because you dont know where to start?



This is for those of you who have the will to write that will but 'wont'!!.....a few points to get you to the starting post.

What do I need?

• Paper, pen and a list of assets you own. You could use your computer and printer too.  Assets include anything that has a monetary value-property, jewellry, shares, mutual funds, bonds, bank accounts, cash, fixed deposits, lockers, intellectual property. Just list them all
• A list of people and/or charities who you would like your hard earned money to go to.
• At least 2 people, who you trust and know, preferably younger than you, who are not going to benefit from your will, to be your witnesses.
• Name of an "executor"-someone honest, savvy and willing. Again, someone younger than  you would be best.

What next?

• Format of the will - There are several readymade formats of wills on the internet. Use one of them. Alternatively, ask your friends, advisors, family members for formats. Read them and chose one that suits you best. The wording is important. For e.g. if you are married with children, it is important to clearly state that your spouse is your sole beneficiary (if thats what you want).
• Go through every asset you own. Check the holding structure-Single, Joint, Either or Survivor. Check for nominations. Ideally, the holding/nomination pattern should be the way you would like the assets to be distributed. Sometimes this is not possible or practical. In that case, mention this in the will and state clearly what you would like. Describe the asset in detail. For e.g. property should have the exact address, demat account nos. must be listed and jewellery could be supported with photographs or detailed descriptions.
• Mention the beneficiaries by 'official 'names not nick names. Official names are those that can be verified by the court - names on passports, PAN cards etc.

Finally

• Get the witnesses to either watch you sign the will, or at least state clearly in their presence that you have indeed signed the will. They DO NOT need to read what you have written. It would be good idea to explain to them and get their consent as to what role they may have to play in the event the will is contested.
• Ask your local GP to sign off on your mental health. He MUST mention his govt registered code, name and rubber stamp and date.
• If you have an executor, its a good idea to share the key features of the will, and allow him/her to ask you questions to understand your wishes clearly. You could also share key details with the beneficiaries if you are comfortable. It could avoid misunderstandings between them.
• Put away the will in a safe place-with your lawyer or your CA or in a safe deposit locker where the beneficiaries have access.

The will needs to be reviewed every year-assets change, sometimes your wishes change. Most of us file our returns in July. Thats the time these changes are fresh in your mind. Thats a good month to re-look at your will and asset list. If you do make a fresh one, just tear up the old one to avoid confusion.
As simple as that!!! So WILL you??????