Writing a simple will on your own isn’t rocket science. It’s as simple as listing down all your assets and assigning them to the beneficiary. A person who stands to gain from the will is known as the beneficiary.
How to create a will?
You can take help of a lawyer or take the online approach. But if the will you plan to make is fairly simple then you can even go for a handwritten will. When you make your own will by hand, ensure that you get the signature of two witnesses on each sheet of your will.
If you’ve already made a will and want to change it through a new will, you will need to mention in the new will about the previous will and add that the old will stands null and void. Once you’ve made the new will, it’s best to get rid of the old will. Also, ensure that you number all the pages on the will and mention in the will the number of pages the will has.
It is a good practice to appoint an executor. A will’s executor is the person whom you appoint to ensure that the directions in the will are carried out as per your wishes.
What kind of assets can be included?
You can leave behind both financial and physical assets. Financial assets would include your banks deposits, bonds and debentures, mutual funds and shares and securities you hold.
Physical assets can be an immovable property such as a house, or a movable property such as a car. You can also include precious metals such as gold and silver bars, coins and ornaments. In fact, you can also pass on some physical assets that hold an emotional value.
Should you register the will?
If you’ve drafted the will correctly, it’s not mandatory that you register the will. But if you plan to register the will, you could take the help of a lawyer or a legal professional. You can even register the will at the office of the local sub-registrar.
Where should you store the will?
Keeping the will carelessly is counterproductive because even a handwritten will is a legal document. You could keep the will in a safe place such as the bank locker, or with the executor. Inform at least one person who has no personal interest in the will about where or with whom you have kept the will.