Why You Need a Will (and How to Write One) – In Just 5 Easy Steps!

57% of Indians don’t have a Will. 

The reasons are manifold. While some aren’t aware of its concept, others don’t realize its importance. We understand that Writing a Will can be daunting.

Think of it as the ultimate way to take charge of your future and ensure your hard-earned assets (be it property, stocks, mutual funds, or something else) are taken care of—just the way you want.

So, if you’re a working professional between 35 and 60 or a retired from active work but enjoying your tea and coffee with your friends, juggling multiple assets and planning today would be road to your family’s security in future. Let’s break down why writing a will is as crucial as setting up that retirement fund, and how you can get it done without all the legal jargon.

Why Should You Even Care About Writing a Will?

Let’s face it, life is unpredictable. As much as we’d like to believe everything will always be under control, sometimes, life throws curveballs. That’s where a will comes in. It’s a simple legal document that lets you decide what happens to your property, investments, and other assets once you’re no longer around.

In short: writing a will means you get to decide how your hard-earned assets (like your home, stocks, mutual funds, etc.) are distributed. Without it? Well, the law decides, and the results might not be in line with what you wanted.

Here’s why a will is essential:

- Clarity: You get to decide who gets what. No confusion, no disputes.

- Peace of Mind: Your loved ones won’t have to worry about legal headaches in the middle of their grief.

- Taking Control: You choose your executor (the person who ensures your wishes are followed), so it’s someone you trust.

What You Need to Know About Writing a Will in India

If you live and work in India, you’ll need to follow the Indian Succession Act, 1925 when drafting your will. But don’t get overwhelmed by the legal mumbo-jumbo! Here’s what you need to keep in mind:

1. You Must Be Over 18: Yep, you’ve got to be an adult and of sound mind.

2. It Must Be in Writing: Your will needs to be written down, not just in your head or as a verbal agreement.

3. It Must Be Signed in Front of Witnesses: You’ll need at least two witnesses who will sign to confirm you wrote the will voluntarily.

Fun Fact: A will doesn’t just handle assets—it can also make decisions about things like guardianship for your kids (if you have any), and even your last wishes (whether you prefer a burial or cremation, for example).

Here’s How to Write Your Will in 5 Simple Steps

If you’re ready to get started, here’s how you can write your will without all the headaches:

Step 1: Start With Your Personal Info

Kick things off by stating that this is your last will and testament. Add your full name, address, and date of birth—basically, anything that clearly identifies you.

Step 2: Choose Your Executor

This is the person who will be in charge of making sure your will is carried out. Pick someone trustworthy—a family member, a friend, or even a professional. If you have a complicated estate, a lawyer might be the best choice.

Step 3: List Your Assets & Beneficiaries

Now comes the fun part: listing what you own and deciding who gets what. Whether it’s your house, stocks, mutual funds, or that vintage car, make sure to be clear about who inherits which asset. You can also divide your assets into specific categories and be as detailed as possible.

Step 4: Add Special Instructions (If Any)

Do you want to donate to a charity? Want to pass on your favorite family heirloom to a certain relative? This is the part where you can add those personal touches. Your will can also outline who’ll take care of your children if they’re minors.

Step 5: Sign and Witness

Once you’ve written everything down, sign your will. Don’t forget the witnesses—they need to sign as well, confirming that you were in your right mind and weren’t coerced into signing anything.

The Probate Process: What Happens After You’re Gone?

Once you're gone (which we hope is many years from now!), your will needs to go through a legal process called probate. This is when the court officially acknowledges your will and gives the executor the green light to distribute your assets.

While this sounds like a lot of work, having a will significantly simplifies the process. Without it, your family would need to deal with intestate succession laws, which can be a messy and lengthy process.

Tip: Probate can take a while, especially if there’s property involved or family members dispute the will. But with a clear, legally sound will, your family will have a much easier time.

Common Mistakes to Avoid When Writing a Will

A will is a straightforward document, but there are a few common mistakes you should steer clear of:

- Not Updating Your Will: Life changes—new assets, new relationships, or even new children! Make sure to review and update your will regularly.

- Being Too Vague: Be specific. If you say “my house,” make sure everyone knows which one you mean.

- Not Appointing an Alternate Executor: In case your first choice is unable or unwilling to carry out your wishes, it’s smart to name an alternate executor.

Ready to Get Started? Here’s the Good News!

We understand that writing a will can feel like a daunting task—especially when you have multiple assets and a busy life to juggle. But here’s the exciting part: we’ve partnered with Parth Mehta, Advocate, who specializes in will writing and execution.

Parth Mehta and his team are experts in ensuring your will is legally sound, your wishes are crystal clear, and your assets are protected. Whether you’re just starting or need help with the probate process, Parth is here to guide you through every step.

If you're ready to make sure your legacy is protected and your loved ones are taken care of, reach out to us today!

Best regards,

Tejas Lakhani

Financial Professional - From Wealth to Joy, We Bridge the Gap.

P.S. Surprising Facts About Wills That You Probably Didn't Know

1. Digital Signatures are still not valid for Wills in India

2. If your divorce is still in process, your spouse is still your legal heir