Retirement planning is also about making a will
Make your will online if you have a simple portfolio and few heirs.
The Web world is alive with secrets stashed away in emails, blogs, confidential databases and banking and shopping portals. The latest addition to these are the secrets of afterlife—online wills. A popular concept in the West, in India, too, it’s gradually picking up.
What is an online will?
As most of you would be aware, a will is the document in which a person lists how and among whom he wants his assets and savings distributed after his demise.
When you draft this document over the Internet, it is called an online will.
How do you go about it?
Visit one of the portals offering these services and register online by making a payment. The portal would give you access to an application that will help you draft the will. Some websites offer templates and you can pick up one that suits your needs. Some others have softwares that help you revise your drafts or professionals to assist you. Most international portals run with the help of software and pre-designed templates since their sole purpose is to cut the lawyer expenses.
Once you are satisfied with the draft, download it, print it, sign it and store in a safe place.
Some portals allow you to store a copy online; this helps you make changes without registering afresh. Others allow you to upload a scanned copy of the will and store it there.
“Although, a software does the preliminary formalities, the service we offer includes feedback and advice from our team of legal experts, who help firm up the final draft. Thus, it can be customized to an extent,” Sandeep Nerlekar, managing director and chief executive officer, Warmond Trustees and Executors Pvt. Ltd, which offers this facility.
The cost: Drafting a will online will cost you around ₹ 10,000 in India. International portals charge in the range of $20-30. In the West, lawyers are expensive and online wills prove cheaper options. In India, though, the rates would be comparable.
Who offers it?
International portals, such Justwills.co.uk and leading wealth managers, such as Barclay’s Wealth, offer these services. In India, Warmond Trustees and Executors offers the service at Warmond.co.in/instawill. html. Some legal portals, such as Vakilno1.com, also offer the facility.
Trust companies, which act as trustees for clients, such as IL&FS Trust Co. Ltd, offer to draft wills for their existing clients through email correspondence. The facility is not given to new customers.
Can you draft your will on an international portal? Yes you can, but an international portal may not comply with Indian laws.
Who should go for online wills?
Though an unregistered will is a valid document, provided two witnesses have signed it, a lot of people prefer to involve a lawyer. Those who do not want to take the trouble, yet want some guidance, can go for an online will. Non-resident Indians, for instance, may not have the time or opportunity to go to a lawyer.
It works for those having a simple portfolio with limited assets and investments. Those who have few heirs can also go for online wills.
The concerns
The biggest disadvantage of online wills is that they are based on templates and are, thus, difficult to customize. So, if your succession is going to be a complicated one, it is best to seek personal advice. For instance, sometimes your properties may be scattered across states and laws in each state may be different. Similarly, if you run your own family business then you might own assets which you aren’t even aware of.
Some people may not want to bequeath anything to their natural heirs and choose somebody who is not part of the family; such cases can go into disputes later and the online platform is not suited to sort out such issues.
“The laws for property inheritance and succession in India differ for every religion. So, in these matters, it is best to seek legal advice instead of drafting an invalid will,” says Bijal Ajinkya, partner, Nishith Desai and Co., a law firm. Also, there are huge concerns on the issue of cyber security. Says Ajinkya: “A will is an extremely sacred and confidential document. Confidentiality of dispositions made in a will has been a great challenge internationally as generally the author would not want the contents of his will to be disclosed to his family members, especially if a person has been disinherited.”
Though these websites have a solid security system in place, the chances of a security breach can’t be ruled out. If any of the intended beneficiaries or left-out heirs get illegal access to the website or email account, it could lead to bad blood within the family. Wills are no more restricted to high net worth families and more and more people now want to exercise their choice on how they want their money utilized after they depart.
“More people are coming forward to make a will. They are now conscious of the importance of having a succession plan and not everyone has a complicated asset base, so they can do it faster and without any hassles online,” says Anju Gandhi, partner, SN Gupta and Co., a law firm.
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First Published:26 Mar 2013, 04:51 PM IST
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