Do I need to have separate wills for assets in different states?

I live in Mumbai and have properties in both Mumbai and Bangalore. Recently, I sold one of these and bought a property in Goa to take care of the capital gains on sale of property. My son is a joint owner of the Goa property. I also have assets such as shares, bank deposits, jewellery, etc. How do I make a will for my various assets? Do I need to make multiple wills for different states?

—Name withheld on request

As per your query, we assume that your father is a Hindu and his properties are self-earned/ self- created. Further, these properties are not ancestral in nature. Also, we assume that there is no right or interest of any other person in the property and that the same were held only by him.

As per the laws in India, you can make a single will to dispose of your assets located in different states. However, the will must comply with the laws of each state where your assets are located

To make a will for your various assets, you can follow these steps:

List your assets: Make a comprehensive list of all your assets, including properties, shares, bank accounts, jewelry, etc. and their respective locations. Remember to mention about the details of the ongoing loans on the property (if applicable).

The beneficiaries: Decide who you want to inherit your assets and in what proportion. You can also name alternate beneficiaries in case the primary beneficiaries predecease you.

Appoint an executor: An executor is responsible for carrying out your wishes as mentioned in your will. You can appoint a trusted family member, friend, or a professional executor to ensure that your wishes are fulfilled.

The will: You can draft the will yourself or seek the help of a lawyer. The will must be signed by you in the presence of two witnesses. The witnesses should also sign the will, certifying that you have signed it in their presence. You should remember the date of execution on the will.

Safety: Once the will is executed, keep it in a safe place and inform your family members and executor where it is kept.

Remember to update your will periodically to reflect changes in your assets, beneficiaries, or other circumstances

Neha Pathak is head of trust & estate planning, Motilal Oswal Private Wealth