There better be a Will

this article appears in Kalmanac, Kalnirnay English calendar 2016. written with inputs from Adv. Asmita Dhulap.

Remember that friend/relative who died suddenly, at a very young age? Who left a young husband/wife, a small kid, ageing parents behind? And nobody had a clue about his property, fixed deposits, nominations, ECS arrangements and most importantly the various passwords. Why did nobody have a clue about the property? Because s/he didn’t make a will. Maybe because there were no nominations on some accounts/FDs. Why? Sheer laziness or the Indian sentimental attitude of not talking about death?

I am not a lawyer but I have seen enough family feuds about owning property. So, I spoke to a couple of lawyers who deal with such property matters frequently on what could be the basic arrangements that a common man has to make. Though making a will was the unanimous answer to most queries, there are a few other points to note too.

What is a will?

A will is a document expressing your wish about how to dispose of your property/money/jewellery etc. after your death.

What is a good time to make a will?

Right now.

How to make it?

Write your wish on a piece of paper, any piece of paper. Sign below. Get two people to sign it.

That’s it?

Yes. That’s it.

No need to make an affidavit?

No

No need to go to a lawyer?

No

So, grab a paper. (A lawyer friend tells me that in Indian courts, a will written on the back of a bus ticket has been held valid. But don’t wait for such an emergency.) Write down who should get your house, land, jewellery, etc. Write down who should get access to your bank accounts, FDs, etc. And sign it.

Ask two people to sign it. No need to show them the contents. So perish the thought of how can you show your will to strangers. Their signature means that they saw you signing the said document.

You might wonder if a will is necessary if you have assigned nominees. Yes, it is necessary. Because if a nomination is contested, the will wins hands down. A nominee is just a trustee. S/he can’t automatically own the property. However, do assign a nominee everywhere possible. To your bank account, to your FDs, to your house/land/property, anything. If there is substantial amount in the bank account, the bank may ask for a succession certificate. Getting that from the court is a tedious process.

What else can you do?

Sit down with your spouse. And children, if they are at an age when they can understand financial matters. Tell them about all your accounts, FDs, mutual fund investments, gold, any property you own. Also tell them about any loans you have taken. Remember, they are the ones who have to repay the loan in case you leave this world.

Make a list of all your passwords. Passwords to your email accounts, net banking, passwords of your online billing procedures like for MTNL, mobile, etc. Write down the ECS transaction details. Imagine if they don’t know your passwords. It will be chaos.

A will becomes all the more necessary in the present days of redevelopment of old buildings. In Mumbai and other cities, many old structures are being redeveloped and having clear ownership of the house is always a big relief.

Can you change your will?

Every day, if you wish. You can change the will any time, there is no cap on how many times. Just make sure to sign it. And get witnesses sign it. And tell your spouse/children/parents where you have kept it.

If it is easy, why don’t most people make a will?

Laziness. Or the thought that ‘nothing is going to happen to me’. Or the sentimental taboo related to anything about death.

So, go make a will. Share your important details with your loved ones to spare them the trauma in case of something happens to you.

Oh yes. And do tell the family and close friends that you would like to donate your organs. And they should grieve after completing the donation procedure.

Here’s to your long and healthy life.