As you plan for the future, one crucial question to consider is: Who will inherit your wealth, property and assets after your death? While thinking about such matters can be difficult and emotionally challenging, it is one of the most meaningful steps you can take for your loved ones. Without clear planning, unresolved questions around inheritance can lead to confusion, legal complications and disputes among potential heirs. 

To avoid such complications, you can write a will to clearly specify who is entitled to inherit your wealth and possessions after your passing. Creating a will not only ensures that your assets are distributed according to your wishes but also gives you peace of mind knowing that your legacy will be handled by the right people. It is, therefore, essential to seriously consider drafting a will to ensure your loved ones and chosen beneficiaries receive what you intend for them.

Factors To Consider While Writing Will

  • Begin With A Declaration: At the beginning of the will, it is important to mention your name, age, parent’s name, and full address. This is important to prove that the will has been drafted by you without any undue influence or external pressure. It proves that you consciously drafted the will.

  • List All Your Assets: You need to provide details of all the assets you own, such as home, bank accounts, investments made in stocks and even digital assets like websites, which may be generating revenue for you. You can also mention investment in schemes, such as EPF or PPF.

  • Information About Executor: An executor of a will is the person who has the responsibility to carry out the instructions in the will after your death. It ensures the assets are distributed according to the will’s instructions. It is important to mention the details about the executor, such as his or her name, address and relationship with the executor. 

  • Specify Beneficiaries: It is important to list all the beneficiaries of your will. It must include their names, addresses, your relationship with them, and what they stand to benefit from the will. It is important to be crystal clear regarding the identity of the beneficiaries.

  • Selecting Witnesses: You need to sign the will in the presence of at least two witnesses. It is important to select trustworthy persons as witnesses. They also need to sign and testify that they saw you sign the last page of the will. It also proves that the will was created without any undue influence.

. Read more on Personal Finance by NDTV Profit.It is essential to seriously consider drafting a will to ensure your loved ones and chosen beneficiaries receive what you intend for them.  Read MorePersonal Finance 

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