“Writing a WILL & ALL YOU NEED TO KNOW ABOUT DRAFTING A WILL“
“DO I NEED A WILL“?
Yes. If you own any properties/ assets or monies, we highly recommend that you draft a will to avoid any unnecessary complications within your family upon death.
The cost of a “simple” will (which is what the common man needs) will help to save, easily any cost of litigation or probate fees.
Every will has to be probated, to ensure that after the death of the individual, the will is properly executed on behalf of the deceased. However, when an individual dies without leaving behind a will, every transaction is criticised by members of the family which leads to unnecessary and unwarranted litigation over the assets of the deceased. This results in a lot of expenses towards legal fees.
In summary, a large amount of income is saved starting from reduced lawyer fees. Choosing to draft and register a will would probably cost you 30,000 to 70,000 INR depending on the type of will you want drafted. However, if you choose not to leave behind a will, the additional fees can generate lakhs of money in fees and a lot of court work. So essentially, the lawyer who is insisting on drafting a will has your best interests at heart.
It usually takes 1-3 meetings with your lawyer to gather all the required information and a final meeting to sign the will. We highly recommend you draft a will as it is money well spent just like a life changing investment.
IF I DIE WITHOUT A WILL, WHO WILL GET MY MONEY?
This could depend on whether you have any legal heirs. If you do not have any legal heirs, the government will be entitled to receive all your money.
If you die without a will, the government writes one for you. For many reasons, some of which are discussed on this web site, you won’t like the terms of the “will” that is written for you.
The title will be passed (after going through probate), without the danger of escheat, if any of the following are alive:
- A spouse or children
- Descendants of children
- Father or mother of the deceased
- Brothers or sisters of the deceased
- Descendants of brothers or sisters
- Kin of the father or mother
- Grandfathers or grandmothers
- Descendants of grandfathers or grandmothers
As you can see, it is very rare that someone does not exist that falls into one of these categories.
SHOULD I DRAFT MY OWN WILL?
We highly recommend that you DO NOT draft your own will.
The cost of a clear and concise “simple” will is low ( between 30,000-70,000 INR). However, the legal costs if the will is improperly drafted is very high. You do the simple math.
Most lawyers do not charge the true cost of preparing a will. It is their opportunity to show you what they can do. Often, if they take good care of you, they’ll get your business (or your recommendation) when they (or a friend) need help.
If you read “Do I need a will”, you’ll see the true costs of dying without one. The lakhs of money it can cost you when a will is incorrectly drafted should be reason enough to spend a few hundred dollars to get the will done right.
Occasionally, We have to probate wills that were generated by computer, or purchased from an office supply, or handwritten (holographic). Many time’s these are done wrong.
It is to be duly noted that there may be very important clauses left out of the will that might benefit you greatly , but you don’t know of its existence as it is legal in nature, you might miss out on these clauses.
Moreover, the interpretation of the will depends on the words used while drafting the will. It is pertinent to note that the words should be used should be clear and concise while drafting a will.
To sum it up, Don’t draft your own will.
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