Essentials of a Will

A Will has the following essential characteristics:

The intention of the testator must be to take effect after his death

A Will is a form of the legal declaration of such intention

The declaration must involve the manner of disposal of the property

The Will can be revoked or altered during the lifetime of the testator

Contents of the will

In a will the following details are to be included:

Details of the testator- The name, age, address and other details which shall help in
identifying who is making the will and when is it being drawn.

Declaration - It is very important that the testator declares that he/she is of sound mind and
free of any coercion while drawing the will.

Details of the beneficiary - The details of who shall be benefitting out of this will and to
whom shall the assets be divided should be given as their name, age, address and relation to
the testator.

The executor of the will - It is very important to appoint an executor who would ensure that
the will is carried out according to the directions provided by the testator. The name, age,
address and relation to the testator should be specified as well.

Details of property and assets - It is pertinent to list out all the details of the assets and
properties that a testator has, and which are the ones that shall be covered in the will. He/she
can also list out any specific assets that are there. An important task for the person is to make
a list of his assets and liabilities and categorize those into the following:

(a) Moveable properties such as cash, stocks, and so on which will keep changing till the
demise of the person.

(b) Immoveable properties, such as land, apartments, which are less likely to change; and

(c) Lastly a bucket comprising jewelry, family heirlooms, which have sentimental value for
the family.

Division of share - The share that each beneficiary has on the property or the specifics of
who shall get what is to be listed in full detail. If the asset is to be given to a minor, then a
custodian for the minor should also be listed in the will.

Specific Directions - The testator should give directions in terms of executing the Will and
should specify if there are any instructions
Witness - There should be a signature by the testator in the presence of at least 2 witnesses.
The witnesses do not need to know the details of the will they just have to verify that the
signature by the testator was done before them.

Signature - The testator should sign with the date on the will after the last statement.

Other Points (WHAT KIND OF PROPERTIES BE DISTRIBUTED IN A WILL

AND HOW SHOULD THEY BE LISTED)

Your Will should include a disposition of your tangible personal property, including, for
example: motor vehicles, furniture, furnishings, collections, artwork, and jewelry. If a
specific item of tangible personal property should be distributed to a particular beneficiary,
this should be stated with specificity to ensure that your intent is fulfilled. Alternatively, if the
primary vehicle of your estate plan is a revocable trust, your Will should include a valid
“pour-over clause” directing your tangible personal property to the Trustee of your revocable
trust for distribution according to its terms.

A will can be especially important for a widow with young children because it allows her to
name a guardian to care for them if she dies while they are still minors. Although a court
must approve appointment of her guardian when the widow dies, courts generally rely on
these guardianship nominations made in a parent's will. Without a will, it may be more
difficult for the court to assign a caregiver, and the guardian the court assigns may not be the
same person the widow would have chosen as guardian of her children.

Although wills direct the distribution of a widow's property, some property passes outside of
the will and goes directly to named beneficiaries. For example, life insurance and retirement
accounts generally pass to beneficiaries named in the policy's or plan's administrative
documents rather than by will. Thus, a widow must update these documents after her spouse's
death to ensure those assets pass to the correct beneficiaries.

It is also important to bear in mind that the liabilities of the person would be adjusted against
the overall estate (assets) of the person thereby reducing it to some extent. Consequently, the
testator should keep this in mind while distributing his/her assets in the will.

In respect of moveable properties, it may be wise to include the heir to be added as a joint
account holder / nominee such that transmission/transfer of the asset post your demise is a
smoother process.

With respect to immoveable properties, it would be wise to leave specific properties to a

particular individual, rather than leaving it to two or more persons jointly to prevent disputes
among heirs over the management of such properties. If it is not possible to segregate
individual properties to individual heirs, then it can be provided in the Will as to how the
heirs can distribute the properties among themselves. In respect of heirlooms which have
sentimental value, not only is it important to mention the heir to a specific heirloom, it may
also be wise to mention why such person should receive it.