{"id":54738,"date":"2023-04-10T11:20:04","date_gmt":"2023-04-10T05:50:04","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=54738"},"modified":"2023-07-15T14:05:57","modified_gmt":"2023-07-15T08:35:57","slug":"components-and-essential-points-to-keep-in-mind-while-drafting-a-will","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/components-and-essential-points-to-keep-in-mind-while-drafting-a-will\/","title":{"rendered":"Components and Essential Points to Keep In Mind While Drafting a Will"},"content":{"rendered":"\n<p>A\nwill is a legal document that contains an individual\u2019s wishes on how their\nproperty and assets should be distributed after their death. It is a crucial\ndocument that ensures that your assets go where you want them to go and that\nyour loved ones are taken care of. However, drafting a will can be complicated,\nand there are specific components and essential points that you must keep in\nmind while doing so. In this article, we will explore the essential components\nof a will and the key points one should keep in mind while drafting one.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/components-and-essential-points-to-keep-in-mind-while-drafting-a-will\/#Components_of_a_Will\" >Components of a Will<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/components-and-essential-points-to-keep-in-mind-while-drafting-a-will\/#Essential_Points_to_Keep_in_Mind_While_Drafting_a_Will\" >Essential Points to Keep in Mind While Drafting a Will<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/components-and-essential-points-to-keep-in-mind-while-drafting-a-will\/#Case_Laws_and_Acts_Related_to_Wills\" >Case Laws and Acts Related to Wills<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/components-and-essential-points-to-keep-in-mind-while-drafting-a-will\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Components_of_a_Will\"><\/span>Components of a Will<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There\nare four essential components to a will, which are as follows:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Executor<\/h3>\n\n\n\n<p>An\nexecutor is a person who is responsible for taking care of your property and\nassets after your death. This includes making sure that your assets are\ndistributed according to your wishes as stated in drafting a will. The executor\nmust also make sure that all debts and taxes owed by the decedent are paid, and\nthat any legal matters related to the estate are resolved.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Beneficiaries<\/h3>\n\n\n\n<p>Beneficiaries\nare individuals who receive your property and assets after your death. It is\nessential to name your beneficiaries in the will to avoid any confusion or\ndisputes among family or friends. If you have minor children, it is also\nessential to name a guardian for them in the will.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Assets<\/h3>\n\n\n\n<p>Assets\nare the property that you leave behind after your death. This includes any real\nestate, money, personal property, and investments. It is crucial to list all of\nyour assets in the will and to be specific about who should receive each asset.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Signature<\/h3>\n\n\n\n<p>The\nsignature of the testator is an essential component of the will. It confirms\nthe validity of the document and ensures that it is legally binding. The\ntestator must sign the document in front of two witnesses who can attest to the\ntestator\u2019s signature.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Essential_Points_to_Keep_in_Mind_While_Drafting_a_Will\"><\/span>Essential Points to Keep in Mind While Drafting a Will<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Seek Professional Assistance<\/h3>\n\n\n\n<p>While\nit is possible to draft a will on your own, it is always best to seek\nprofessional assistance. A lawyer who specializes in estate planning can help\nyou draft a will that is legally binding and meets all of your wishes. Seeking\nprofessional assistance ensures that your will is valid and that your assets\nwill be distributed as you intended.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Keep it Simple<\/h3>\n\n\n\n<p>It\nis best to keep a will as simple as possible. Avoid using complicated legal\nlanguage or long explanations. Keep the document straightforward and easy to\nunderstand. This will help avoid any confusion or disputes between family or\nfriends.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Update Regularly<\/h3>\n\n\n\n<p>It\nis essential to update your will regularly. Life changes, and so do your\nwishes. You may acquire new assets or have new beneficiaries that you want to\ninclude in the will. Updating your will ensures that your wishes are always up\nto date and that your assets are distributed as you intend.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Follow State Laws<\/h3>\n\n\n\n<p>Each\nstate has its laws regarding for drafting a will. It is essential to follow\nthese laws to ensure that your will is valid. A lawyer who specializes in\nestate planning can ensure that your will complies with state laws.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Case_Laws_and_Acts_Related_to_Wills\"><\/span>Case Laws and Acts Related to Wills<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. The Indian Succession Act, of 1925<\/h3>\n\n\n\n<p>The\n<strong>Indian\nSuccession Act, of 1925<\/strong><sup><a class=\"text-primary\" href=\"https:\/\/www.indiacode.nic.in\/bitstream\/123456789\/2385\/1\/a1925-39.pdf\"><strong>[1]<\/strong><\/a><\/sup>, is an Act that provides for the regulation\nof succession to intestate and testamentary property. The Act lays down the law\nrelating to the execution of wills, the duties of executors, the rights of\nbeneficiaries, and the administration of estates.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Gnanambal vs T. Balakrishnan<\/h3>\n\n\n\n<p>In\nthe case of Gnanambal vs T. Balakrishnan, the court held that a will executed\nshould be read as a whole, and the intention of the testator should be gathered\nfrom the language used in the document.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Mulla\u2019s Principles of Hindu Law<\/h3>\n\n\n\n<p>Mulla\u2019s\nPrinciples of <strong>Hindu Law<\/strong> is a book\nthat provides an in-depth analysis of Hindu law. The book discusses the law relating\nto wills and the duties of the executor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In conclusion, a will is a critical document that ensures that your assets are distributed according to your wishes. It is essential to keep in mind the essential components of a will while drafting one, including the executor, beneficiaries, assets, and signature. <strong><a href=\"https:\/\/corpbiz.io\/will-drafting\">Drafting a will<\/a><\/strong> should be kept as simple as possible, updated regularly, and drafted with the assistance of a professional. Additionally, it is essential to follow state laws regarding wills. With these components and key points in mind, you can draft a will that meets your wishes and ensures that your loved ones are taken care of after your death.<\/p>\n\n\n\n<p><strong>Also Read<\/strong>:<br><a href=\"https:\/\/corpbiz.io\/learning\/writing-a-will-at-home\/\">Writing A Will At Home<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A will is a legal document that contains an individual\u2019s wishes on how their property and assets should be distributed after their death. It is a crucial document that ensures that your assets go where you want them to go and that your loved ones are taken care of. However, drafting a will can be [&hellip;]<\/p>\n","protected":false},"author":76,"featured_media":54740,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3362],"tags":[3405],"acf":{"service_id":"287"},"authorName":"Anju S Nair","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-35.jpg","authorDescription":"Anju S Nair is a final year law student at Al-Azhar Law College, Kerala. She was post graduated in English Language and Literature from Mahatma Gandhi University. She was awarded the Certificate of Achievement in Women's Leadership from Career Development College in London. She worked as a research intern at the All India Human Rights Association (AIHRA) and as a legal intern at the Chambers of Senior Advocate Pradeep Rai, Vice President of the Supreme Court Bar Association. She is a hardworking and dedicated person whose area of interest lies in corporate law.","postViews":2586,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/54738"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=54738"}],"version-history":[{"count":3,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/54738\/revisions"}],"predecessor-version":[{"id":58818,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/54738\/revisions\/58818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/54740"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=54738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=54738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=54738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}