Know How To Make a will for property

Will is a document in which a person mentioned his/her wishes to be executed after his/her demise. A living person can simply write the will on a piece of paper and mentions the name of all beneficiaries for movable or immovable properties he/she owns and how to distribute in certain portion or entire property to legal heirs or any relative or the third party. However, even simple will writing can have complexities that may cause disputes and long-lasting bitterness between blood relations families.

There is no particular time or age at which wills should be written. It is not just simply writing down the will but it is also necessary to clear any doubts on the same. Here are some guidelines that are commonly troubling the mind so one must need to know the answers before making the will with a clear mindset.

Choosing Right Nominee

The right nominee is the person to whom one wants to transfer all movable or immovable assets in the will. If in case a will is not made, the right nominee is the heir to the asset as per succession laws. Nominating a person will help in executing the will deed with a smooth, successful, and final transfer of the asset after demise which also helps in avoiding any disputes or conflict.

Safe Custody of the Will

will writing

The testator should keep in mind to place the will in safe custody where it can be easily found, such as in the cupboard. It is also advisable that one copy of the Will should be kept with the legal advisors.

Necessity of  Will

It is generally thought that only wealthy reach people or those who are having disputed property or assets need to make wills. Despite this, there are other good reasons for making a will.

  • One must be clear about the nominee on which name the movable or immovable assets is to be transferred. It is also necessary to decide the name/names of the person who gets the property after death and how much percentage or share to be given.
  • One can keep assets going in the hands of people to whom one doesn’t want to give. (For example an estranged relative).
  • One can make sure that who will take care of your children if they are minors. In absence of a will, the courts have to decide.

If Will is made at the proper time, it will help the heirs to have a faster and easier possession and less time for getting access to the property. One can also make a provision to give gifts to loved ones or a provision can also be made for donations to a charitable trust which helps in reducing income tax liability.

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