Reasons to review your will – You should consider changing your will if
- You change your name or any beneficiary mentioned in the will changes his or her name.
- You sell any of the assets mentioned in the will or acquire new ones.
- There is a changes in circumstances. you may want to exclude a beneficiary or add a new one in the will.
- A beneficiary mentioned in the will dies.
- 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.
- 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.
- 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.
- 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.
- 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
- Cover Other assets: This small clause helps include any other asset you may have left out inadvertently while enumerating your net wealth.
- Identify beneficiaries clearly
- Give details of Mutual Funds, Collectibles