Reasons to review your will and Tips on Writing a will

Reasons to review your will – You should consider changing your will if 

  1. You change your name or any beneficiary mentioned in the will changes his or her name.
  2. You sell any of the assets mentioned in the will or acquire new ones.
  3. There is a changes in circumstances. you may want to exclude a beneficiary or add a new one in the will.
  4. A beneficiary mentioned in the will dies.
  5. The executor of the will dies or is rendered unfit due to old age or ill health.

Tips on writing a will – follow these points to ensure that your will is free of loopholes.

  1. Personal Details : State your name, fathers name and residential address in full. the date is crucial, especially if the latest will supersedes those made earlier. mention the date in figures to rule-out any fudging.
  2. Validate free will : It helps to state upfront that you were not under any duress or influence while making the will. the witnesses must also attest the below.
  3. Give Executor’s details : The executor of the will is the linchpin. mention his name, your relationship with him and his address to avoid misrepresentation.
  4. Give details of assets : Mention the full address of the immovable property being willed. Give details of the bank accounts, deposits, lockers and insurance policies
  5. Cover Other assets:  This small clause helps include any other asset you may have left out inadvertently while enumerating your net wealth.
  6. Identify beneficiaries clearly
  7. Give details of Mutual Funds, Collectibles

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