It’s a task that no one likes to think about: With everything currently going on in our lives, adding our own mortality to the list of our concerns is something we do not want to do. As hard as it may sound to be considered, having a will is a critical way of securing your family should you pass away.
Making a will is just as important as any other thing as it will ensure that your estate is well distributed, once you are not around to do so. A will does, indeed, reduce the mess and pain for the later future, and to not miss – the family disputes over movable and immovable assets after a family member’s demise. Despite understanding the benefits of preparing a will, some people are reluctant to deal with their own mortality, or presume the process to be strenuous.
With so much to postulate and ways to go wrong, how do you make sure to have a valid will that takes care of your lifetime worth assets? Ensure avoiding these mistakes when you draft your will.
Not Drafting a Will
A Will not just takes care of your assets while you’re no more, but also while you’re alive. Not preparing a will is probably the biggest mistake one can commit when it comes to estate planning. Nobody is ever prepared to face their own death, at any age, to ever be able to make a will. However, irrespective of any condition, this step needs to be taken as soon as you hit your 50’s, or probably earlier if you feel you have that kind of wealth and assets, especially if you anticipate any kind of trouble over your inheritance.
Not assigning the Responsibility to anyone
When a will is executed, there’s one person to assign who settles the Will when the time comes. This person is typically an executor who ensures that all your wishes are carried out just how you wanted it to be. For this, it is important to select a responsible member you trust, and permit them to execute your will. To be secured, it is always advisable to have another member acting as an alternative executor, in case the first member fails to present due to any given circumstances.
Drafting the Will incorrectly
Your will can either be drafted by a lawyer or on your own, or through any of the online will makers. If any of the details stated are not precise, or if you get it wrong, the will can possibly be questioned in the court. One of the ways in which you could secure your will is by getting it registered, which essentially requires you to approach a registrar under whose jurisdiction major part of the property lies. There are few important declarations you need to make – that you are of sound mind, you are revoking all earlier wills, and that you are not drafting the will under
anyone’s pressure. If you’re very old, it is advised to attach a doctor’s certificate certifying physical and mental state.
Improper distribution of Assets
Improper distribution of assets is also one of the commonly committed mistakes. Not distributing the assets properly could give rise to family disputes and hassles later in life. For example, if you own a property worth Rs. 1 crore, and you state that the two kids should get Rs. 50 lakh each after you are gone, is a mistake. Since property rates keep fluctuating, stating an amount in a will could prove to be a loss-making decision. So even if you want equal distribution of will, you could simply state 50% each goes to X and Y, or whatever ratio you want to allocate.
Not updating your will from time to time
Don’t think that your job is done once you have drafted a will. Your duty doesn’t end there, if there’s any alteration in the status of either of the assets allocated, you should make the changes or draft a fresh will with the necessary updates. Similarly, if any asset has been sold or purchased while you’re still alive, these changes will have to be incorporated or excluded as per the owner’s wish.
The entire process of drafting a living will is extremely tedious, but at the same it ensures to let an individual die with complete dignity. Even though the process is cumbersome, it assists the individual to choose the quality of medical care he would need in case of a terminal illness.