Is it advisable to draft separate wills for each of my properties?

As part of estate planning and distribution of my assets, I would like to understand the options available for creating separate wills for each property that I own. Are there any benefits or drawbacks associated with this approach?

—Name withheld on request

Though you can create multiple wills for multiple assets, it will create immense confusion between the beneficiaries and the distribution of the assets. Further, managing multiple wills can be complex and may require additional legal and administrative effort. If there are contradictory terms in different wills, it can create legal complications and dispute.

We will always suggest to make one will that covers your entire asset base. You can define each of the properties and assets owned by you. Further, you can also define to whom (desired beneficiary/ beneficiaries) each of the properties/ assets should be distributed and in which ratio it should be distributed.

Do ensure to provide proper description of the property, give details of the beneficiaries that are mentioned in the will with some kind of identification, do appoint the executor for the will and have the will witnessed by at least two witnesses. In case you are excluding a family member who ideally is an heir of your assets then it is prudent to describe why you would be excluding him.

However, do remember to update your will periodically to reflect changes in your assets, beneficiaries, or other circumstances.

If you are unsure about how to move ahead with your will, you may consider seeking the advice of a professional. A legal professional can provide guidance on the requirements for a valid will and can help you ensure that your will is executed according to your wishes.

Neha Pathak is head–trust and estate planning, Motilal Oswal Private Wealth.