Lockdown Money Lesson No. 1: Know how to make Will in India as no one is sure about the future

Lockdown Money Lesson No. 1: After Coronavirus lockdown extension up to 3rd May 2020, one thing has become clear that no one should be sure about the future. When people are confined to their homes with not much to do amid coronavirus outbreak across the world, one of the most important lessons to be drawn is that life is is tenuous and things can go from bad to worse in just days. Death is certain for every being eventually, but no one knows when it happen these days. Therefore, in these times of rampaging novel coronavirus, the first task any responsible person, especially the head of the family can do is to make a Will - NOW! 

Speaking on how to make a Will, Mumbai-based tax and investment expert Balwant Jain said, "Any person who has completed 18 years of age and is of sound mind can execute a Will. It is advisable to prepare your Will as soon as you acquire any property whether movable or immovable and change the same as and when the circumstances warrant such change. One should not even wait to get married to write a Will. You can make more than one Will to deal with separate properties, however, it is advisable to have one Will. It is not necessary that the Will to be executed in India only. However, it can be executed anywhere in the world."

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Jain went on to add that a Will can be handwritten or may be printed, but the testator should put his signature or his mark on the Will to confirm that it is made as per his instructions and wishes. If you do not sign the Will in the same language in which it is made, it is necessary that the contents of the Will are explained to you by someone and the person explaining the contents should also put his signature at the bottom of the Will with a statement about the Will having been interpreted and explained to the testator.

Speaking on the Witnessing and Registration of the Will; SEBI registered tax and investment expert Jitendra Solanki said, "The Will is required to be attested by at least two persons, one of whom preferably should be your family doctor. Attestation by the family doctor helps avoid any dispute arising in future about mental condition of the person making the Will." 

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Solanki said that purpose of the Will attestation is to obtain a confirmation from the witnesses that the testator (maker of the Will) has in fact signed the Will. The witnesses are not required to know the contents of the Will. The signatures of the witnesses can be obtained at different point of time. A person who is named as executor in the Will can also be a witness to the Will.

Commenting upon the registration of the Will, Balwant Jain said, "Though the Indian Registration Act doesn’t require mandatory registration of Will, it is advisable to get it registered with the office of Registrar to avoid any dispute with regard to the genuineness of the Will." Jain also added that the instructions or directions contained in the Will come into effect only after the death of executor of the Will.