Avoid these mistakes while making a Will
After my recent marriage and buying property with my spouse, I want to ensure my family won’t face any legal hassles in the future. What are some common mistakes or misunderstandings people in my situation make about registration and probate that I should be careful to avoid?
-Name withheld on request
From your query, we understand that you have purchased the property jointly with your wife. It is very heartening to see that you are thinking about your family’s well-being. This reflects a commendable sense of responsibility and foresight. We assume that you are trying to cover the family, including your wife and future children.
There are a few aspects that require careful detailing and attention while drafting a Will. You need to ensure that you cover all the assets in detail. Example: in case of a bank locker, mention the bank’s name where the locker is held, locker number and the holding pattern (single/joint). Similarly, comprehensively list other movable assets such as investments, PPF, insurance, etc. in a detailed manner.
Regarding the immovable assets, clearly mention how you hold the property, what your share in the property is, and the complete address of the property. In case it is a land, mention the address along with the clear dimensions/location of the property. To ensure your wishes are followed, clearly state in your Will who will benefit from your assets.
The Will also requires an executor. He is the person who will probate the Will after your lifetime. A probate is the seal of a court certifying the validity of the Will. A probated Will helps execute the distribution of the assets smoothly and provides a clear title to the beneficiaries mentioned in the Will.
Further, you need to sign the Will and have it witnessed by at least two witnesses. Preferably, the witness should not be the person who is a beneficiary of the Will.
Lastly, though it is not compulsory, registration of the will is strongly suggested. Registering your Will adds an extra layer of protection, significantly enhancing its authenticity and credibility. A registered Will can be invaluable in resolving future disputes or if the original Will is misplaced, as the Registrar retains a copy.
Thus, having a legally sound, clearly written, and updated Will, which is preferably registered, goes a long way in avoiding inheritance-related disputes and ensuring peace of mind for your loved ones.
Considering your recent marriage and property acquisition, clubbed with the desire to take care of your family properly in case of any eventuality, it is highly recommended to consult an experienced estate planning lawyer in India. They can guide you through the specific laws applicable to your religion and location, help you draft a legally sound Will, and advise on registration and probate requirements for your particular assets.
Neha Pathak, head of trust and estate planning at Motilal Oswal Private Wealth Management.
