Where there is a Will...

Aug 26 2014, 09:55 IST
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Summary... inheritance is smooth and wealth is transferred to those chosen amicably

We work hard to accumulate wealth, but its equally important to write a proper will bequeathing the legacy to our loved ones. This not only

ensures smooth inheritance of property, but also irons

out the possibility of an unwanted dispute among family members.

The prerequisites for a will to be enforceable: the individual should be of sound mind and the will must be signed with two people as witnesses.

First and foremost, the will must be simple, and the order of preference for distribution of property among legatees should be: spouse, children, brothers or sisters and other relatives. If there are any

additions to the family or a change in the number of

key legatees after the will

has been made, it must

be modified.

Types of wills

A will written by an individual other than a defence personnel is called an unprivileged will. All unprivileged wills have to be signed by the person making the will in

the presence of at least

two witnesses.

In case of a conditional will, one can put certain conditions and the will becomes valid if all the conditions outlined are fulfilled in terms of age, marital status, etc.

A joint will is written by more than one person, and the surviving testator can

revoke the will during his lifetime, even after the death of the other.

Nomination for financial products

Simply filling out the nomination column in your insurance policies, stocks, mutual funds, bank deposits and other financial products does not mean the nominee will get the money easily in case of any eventuality. In fact, a nominee is merely a trustee who is supposed to be the caretaker of the money or any financial asset. For the nominee to get the money/asset easily, the owner of the financial products or the asset would have to write a will and, then, the nominee will become the legal heir.

An individual must ensure that the name, age, address and his relationship with the nominee is clearly mentioned at the time of filling out the proposal form for any financial product. If the nominee is a minor, the parents must mention the name of a person who is a major, who would be the appointee till the minor attains 18 years of age.

Also, if a will is not signed, the legal heirs of the financial assets will be decided as per the succession laws of the country and they

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