Bought new property in your preferred location? This dream home is exactly what you wanted and now, it is under your name. You want this home to live under your family’s name, for the generations to come? You need to have a Property Will for that. PropGuide helps you with some basics on the power of Will.

So, what is a Will?

A Will is way to succession planning, which ensures that the individual’s property or any other asset, is given to the preferred family members and there is no dispute at the time of property distribution.

There are two different ways of how the property can be passed on, intestate succession and testamentary succession. While intestate succession applies when there is no legal Will, which has been written by the individual and is assumed that all assets will be passed on to individual’s spouse, children or any other respective family member. On the other hand, testamentary succession is when the property is distributed according to the terms mentioned in the Will.

What is the importance?

Usually, individuals do not create Will as its a given that property has passed down to their inheritors also known as legatees. But, there are times when spoken promises might later lead to different claims. Having this Will will give you a legal right and an assurance to distribute your property.

How do you write the Will?

1. To write your Will you would need the following people:

Testator, the person who writes your Will
Executor of the Will, who is delegated to ensure that all property is responsibility distributed as per the requirements of the individual
Two witnesses to justify the testament

Note: Stamp paper is not necessary when writing the Will.

2. Once you have the following people with you, you can move ahead with writing your will. The will requires you to be very clear and specific about the distribution of your property. Be clear with names.

3. It is important to mention the specific date as well so when the Will is being addressed, the latest one is being executed.

4. If any changes are to be made between the intervening period, the structure of the Will is to amended. Further, in case of changing a clause in your Will, you would need to prepare a Codicil, also referred to as a supplement of the Will. If there are too many changes in your Will, make a new one to avoid any confusion.

Gayatri Talukdar