Where there is a will, there is usually someone ready to contest it. Where there’s is none, someone is ready to fight over the inheritance anyway. Does this means writing a will is an exercise in futility? No, it is not. While the law allows a person to voice concern over a person’s inheritance, if a will is made properly, the objection can be dismissed.

A will reduce expense, effort, and paperwork, not to mention disputes within the family. While writing the Will itself is an easy task, it is best to do it under legal supervision, hire a lawyer who can help to draft your will.

1. NOT HAVING A WILL

This is one of the biggest mistakes.

A step that must be taken as soon as a person hit his/her 50s or earlier if you have many assets and properties in India.

More Time and Higher Expenses: In the absence of a will, legal heirs are required to spend large sums to acquire mandatory documents like a succession certificate or letter of administration, to transfer titles, cash, investments, properties, assets, not to mention paying prohibitive lawyer’s fees. A succession certificate is needed in the case of movable property, while the letter of administration is needed in case of immovable property. While having nominees helps with the immediate transfer of cash and certain movable assets and you need the legal documents because a nominee is only a caretaker of assets and will have to pass these on to the legal heirs.

Undesirable distribution of assets: Writing A Will assist to decide which asset you want to give to which legal heir and in what proportion. Without Writing A Will, you have no power over who inherits your assets and the court follows the succession acts as per your religion. For instance, Hindus, Jains, Buddhists, and Sikhs are governed by Hindu Succession Act 1956 and Hindu Succession amendment act 2005.

Drafting incorrectly:

You can Be Writing a will either on your own, through a lawyer. If any information is not precise or you get it wrong, the will can be directly contested in the court. Ensure that you enter the personal details, including name, place, address, and date, put in the full name and relationship of the beneficiaries, mention the assets accurately; have it done in the presence of two witnesses, and also sign it along the witnesses and their detail information. The most important aspect of a will is a valid sign of the person making it. As a will can be written on a blank paper, the signature is the only authentic detail.

Equally important are the three declarations—that you are revoking all wills, that you are of sound mind, and also you are not making the under any pressure. If a person is Ad, attach a doctor’s certificate certifying his sanity. You could also register the will or Write A Will, as it offers a degree of authenticity since it has been approved a government official. Remember, hat a registered will can be as easily challenged as a non-registered will. ‘Registering minimizes the grounds on which a will can be challenged. Since loudness of mind, forged signatures and drafting under coercion are on grounds for challenging a will, visit the registrar and being photographed bring down the possibility if it is contested on these grounds.

2) Not being Specific

Make your will as specific as possible. Mention each bank account, locker number, or property details, List all your assets, movable and immovable, in detail. For insurance and investments, list the scheme name, number, financial institution, and insurer, along with the addresses. For more than one property, specify each one clearly by listing dates of purchase, addresses, etc. As for legal heirs, don’t forget to mention the full name, your relationship with him, and the assets you want to give.

3) Not updating the will

If there is any modification in the status of assets or legal heirs, you should draft another will to incorporate the changes.  Any life stage development, such as the birth of a child, marriage or divorce, will call for a redistribution of all assets. In case, if any asset has been sold or new ones purchased, these will have to be included or removed. All you have to do is to draft a new Will, including a confirmation that it is your final Will and revoking all previous Wills and codicils. Also register the updated will, though it doesn’t mean that the unregistered will shall not be reviewed by the court. As per law, the last drawn will is considered whether registered or not.

4) Wrong executer

A common mistake is appointing relatives or friends in the same age bracket, or minor children, as executors. Ensure that the executor is the best choice for the time-consuming and complex job. He/she must be trustworthy, know about your wishes, and worth according to your will, not his own.  To ensure objectivity, you could also get a third- party administrator for a nominal sum.

5) Gifting while alive

Gifting assets during one’s lifetime may not be a good plan. If you gift an asset while you are still alive, it will be immune to challenge. However, it can also make old people vulnerable because once the property is in the hands of children, they can ill-treat parents. Before you decide to gift, understand the difference between a will and gift deed. A will, be it registered or not, is revocable throughout the lifetime of the testator. While, a gift deed, once executed, is irrevocable.  As for tax, any gift to specified relatives is exempt from tax in the hands of the receiver. In case of an immovable property given as a gift to specified relatives, it will invite stamp duty.

6) Neglecting Illness

It is essential to make provisions in Writing A Will in case you suffer from a terminal illness, disability or in a coma. Specifying who will take charge of your estate and financial affairs and if you have kids, who will be their guardian. You could too appoint a power of attorney or set up a trust to handle your matters. You can now also pen down a living will, as per a recent Supreme Court ruling. You can select the particular line of treatment or its withdrawal, if you want, by appointing an executor to take the health-related decisions on your behalf.