Have you ever considered putting things down in writing? For most of us caught up in the hurly burly of life, it has not even crossed our minds. But it would be a great way to say the things you always wanted to say, intended to say or just wanted to say just that one more time. Or just write a good-bye note. It would go a long way in providing a sense of closure.
To start with put things in black and white. While not legally binding, it would help your family and friends manage your affairs after you are gone. But do go over what you have written with them while you are alive.
What should this letter have?
- Location of important documents.
- Names and phone numbers of those to be contacted.
- Names and phone numbers of your financial advisers, if you have them.
- A financial inventory to explain your income, investments, fixed deposits, insurance policies, loans, money owed to you, mortgages, etc.
- Your plans for your children's education and any financial plans you have made for them.
- Your wishes for your funeral, if any.
It would also be prudent to keep in the same file photocopies of important documents such as your will, power of attorney, employee benefit records, details of your PF, etc.
"Everyone should make a will," says N. V Sreejaya, an advocate in India and a solicitor in England and Wales. "It is simple and inexpensive," she says and cites an example of what happened when a woman did not leave behind a will.
Latha was the only daughter of a bus conductor and his wife and the apple of their eye. They educated her in a convent and had the satisfaction of seeing her become a doctor. Latha married and established a fairly successful practice. She had a daughter.
Latha died in an accident. Her husband remarried, took away all her money in his capacity as heir and as guardian of their minor daughter, whom he also abandoned. Latha's father, now retired, and without any access to his daughter's money, had to take on the responsibility of bringing up his grandchild on a meagre pension. If only she had made a will.
So what does one need to make a will?
- Details of your property that should make the property identifiable.
- A plan on how you want to distribute your property.
- In the case of minor children, include names of those who would take care of the property for them till they come of age (they are called Testamentary Guardians). You have to take their permission before you include their names in your will.
- Two attestors who will attest your signature on your will.
The will requires no stamp paper. Though not mandatory it may be advisable to make your will under the supervision/guidance of a lawyer. It is certainly advisable to register your will at the sub-registrar's office. You can register a will anywhere in India (except J&K), no matter where your property is located — all this at a very nominal cost. And, the fee is not proportionate to the value of your property.
- You can revise your will any number of times. Your final will is the one that is legally binding.
"Heart break and trauma can be avoided if a will is made. And, don't feel insecure or apprehensive about parting with your property in your lifetime. Your will comes into effect only after your demise," says Sreejaya.
PANKAJA SRINIVASAN
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