I have decided that I want to make a will.
I should be clear why I want to make a will. Mainly, I must make a will if I want to give any particular asset to a particular person, or I want to give to someone who will not be my heir after me.
I will take a look at the list of my properties, and note down which asset I wish to give to a particular person, and why. Thus, if I have a flat and a plot, and articles in my house, I will note down that I wish to give
– my flat to my elder son, who does not have any other house,
– my plot to my other son, who has his own house,
– articles in my house to my spouse,
– right to reside in the flat to my wife, during her lifetime.
Likewise, I will note down how I wish to distribute my investments. I have to be conscious that these will keep changing, and will grow or decline during my lifetime.
I must decide whether I want to make a detailed will stating each asset and the legatee (person to whom I give the asset). I can give some assets only to particular person, and divide other properties in general terms, eg., give my house and household items to my wife and elder son, and all other properties equally to all my children.
I must take tax related advice, if handling my assets will involve taxation issues. I must take legal advice where
– my plan of distribution is complex,
– I want to make a trust for the benefit of a person of special needs, or for charity,
– I believe that any relative will not be happy with my will.
I will now make a table stating the property and the legatee. In this table, I will write full details of the property, especially immovable property. I will also write the full name of my relative matching the identification document. Here is an example:
- Flat No B-302 in Building ‘B’ of Sunetra Apartments, 334/5, Shireeshnagar, Yamunanagari P.O., Bengaluru, within the limits of Brihat Bengaluru Mahanagar Palike, Bangalore Urban District: my son Arun Mishra.
- Plot No 45, Survey No. 665/4B, Village Xxxxxx, Taluka: Yyyyyy, District: Zzzzzzz: my daughter Neetika Patil.
- My Life-Insurance Policy No 12345678 with Life-long Life Insurance Company Ltd: my wife Akhila Mishra.
- My investments in mutual funds : equally to my wife Akhila Mishra and my son Arun Mishra
- My investments in shares, banks and financial institutions: to my daughter Neetika Patil.
Out of these, Neetika must pay Rs 5,00,000 to the Jeevan-nischay Senior Citizen’s home.
Now I can start making the first draft of my will.
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– Nilima Bhadbhade
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