Learn how to make a will online without a lawyer. We know how important for you to create a will. Follow this Step by step guide on making a will online.
Creating a Will is not an easy task.
Whenever it comes to making a Will, the very first thing which strikes your mind is running behind a lawyer. Not only this, but you also need to spend a lot of amount on your document. And after doing so much hard work and spending a lot of documents, if you get to know that your Will is not perfect, it is heartbreaking.
So, to make a will, you should study appropriately about making a will.
This article is going to discuss everything about how to make an excellent professional Will. Let us begin our discussion.
What is a Will?
Before going into deep about how to make a will, let us have a brief discussion about what is Will.
A Will is a legal document that decides who will be the owner of your property after your death. You need to make a Will before your death so that your children can take off your property after you.
It is essential to make a Will; otherwise, your children may find it very difficult to make use of your own Will, which, of course, is theirs after you.
All wills are not the same. A Will vary in many factors, and every Will can have different effects on your family.
A Will is also essential to maximize the probability that you will transfer your property only to the ones whom you want to. Only that person will be the owner whom you wish to. The Will is entirely and also require an eye witness. When you sign the Will, there has to be an eye witness.
Types of Will
Here are the types of Wills you can create by giving them detailed information. So, without wasting time let’s briefly discuss each of them.
i) Holographic Will
There are some bills which testators write and sign, but there is no witness of the Will. Such wills are known as Holographic wills. The main word in the name is “holograph,” and hence the meaning is similar.
Such wills are preferred when there are less time and witness is also not available. You can consider a case such that if the testator got trapped in some critical situations like a life-threatening accident.
Holographic wills are not accepted everywhere. There are some states where it is mandatory to meet minimum requirements or which demands the presence of a witness for proof that the testator only gave the statement.
ii) Oral Will
Oral wills are such wills in which you don’t give anything in a written document. You only need to give your statements orally in front of the witness.
Such wills are not reliable and hence are of least importance. That’s the reason why these are not considered legal, as there is no solid evidence.
iii) Mutual will
A mutual will is mainly for married or committed people. It ensures that if any mishappening occurs with you, your spouse will be the owner of your property. If you want to transfer your estate to your children, you are allowed to.
How to create a will?
After having enough discussion about Will and its types, let us discuss the steps to create a will. The easiest way to make a will is to use the best online will maker.
i) Decide what to include
The very first thing you need to decide about is what to include in your Will. You should make a list of your assets and determine what and what not to include in your Will. Remember that if you are married, you can only leave the property of your share.
ii) Decide who will be the owner after you
The most difficult and important thing is to decide who will the owner after you. In most cases, it is, of course, spouse and children but decide it very properly who will be the owner after you.
iii) Selection of an executor
It is necessary to select an executor who can carry out all the terms of the Will. Make sure that the one whom you choose an executor is willing to do the job.
iv) Select a guardian
It is essential to select a guardian for your children. If your children are minor, then you must choose a guardian for them who can raise them and take care of everything.
v) Create your Will
Once you have completed all the steps mentioned above, make use of any online willmaker and create your Will. It will hardly take an hour. You can use Nolo’s Quicken Willmaker.
Once you have made the Will, you will have to sign it in front of at least two witnesses so that there is proof that you have only made the Will.
vii) Store it safely
You need to store your Will very safely as your whole property is comprised of your Will. If you lose it, it can be perilous. You can store it in any format, physically or electronically, in PDF form.
What does a Will cover?
A will covers everything about your belongings. It lets you direct everything you have, whether it’s your bank balance, property, or anything else.
If you are a person who is involved in charity, it will also allow you to transfer your belongings to any organization which you want to. A will covers most of the things but not everything. Such omissions include payouts, beneficiaries, etc.
If you are not a single-married person, i.e., if you have married twice, your Will is responsible for all the assets which your children receive. If you have minor children, you will need to assign a caretaker who will take care of your children after your death.
Importance of Wills in Trust
If you have trust, Wills is very useful as it is a legal document that lets you decide how your belongings will be distributed and used after your death. The reason behind this is that most trusts deal with many assets like a life insurance policy, etc.
You can also set up a trust for those who are underage.
Common Mistakes You Should Avoid While Making a Will
- Not having the Will
The biggest mistake anyone can ever make is not creating the Will. Nobody ever thinks about dying, but this is what is the very first thing which you should do as you enter into your 50s. If you have so much property, you should make and keep your Will earlier itself. If you do not make a will, then legal heirs will also have to spend too much to transfer titles, cash, investments, assets, or properties. To move a property, you need a succession certificate, and if you have an immovable property, you need a certificate of administration.
- Planning the Will Incorrectly
Either you can draft a Will on your own or with the help of a lawyer or simply by using any online WillMaker tool. So, the important point is you need to very specific and right with your details. The majority of people don’t correctly enter all the necessary details and then blame themselves.
So, make sure you enter all the essential information and draft the Will correctly.
- Questionable Distribution of Assets
It would help if you decide which asset you want to give to whom, what is the percentage of the assets you wish to offer, and once you give them, you don’t have power over who inherits your assets.
- Not Hiring the Right Executor
One of the common mistake which almost every second person do while making Will is not appointing the correct executor. For example:- People appoint their relatives, friends as an executor rather than selecting the right person.
Execution of Will
While creating or drafting a Will, you might come across a person Executor. An executor is a person who is responsible for dividing your wealth among all the beneficiaries.
Frequently Asked Questions?
Q.1. How do I make sure my will is valid?
A.1. So, to check your Will is Valid to follow these steps:-
- To make sure your Will is valid, then it must be in writing, signed by you and witnessed by two people.
- A person who has drafted the Will should have a stable mind and understand the effect of it.
- A person has drafted the Will without anyone’s pressure.
In case you already own a Will, then you need to destroy it and then create the new one.
Q.2. How to update the Will?
A.2. Well, if you’re looking to make a minor modification to the Will, then you can add Codicil. All the changes which you have made in the Will must be signed and witnessed in the same way when you make a new will.
Q.3. What changes can you make in a Will if you get remarried or divorced?
A.3. In case you marry, remarry or enter the civil partnership, then it will cancel your previously existing Will. You have to rearrange the Will or create a new Will if you marry, separate, or divorce.
Q.4. Can I change Will in India?
A.4. Yes, you can change the Will anytime you wish to. But you need to make sure that whenever you make a new Will, you need to mention that this will is the Latest and Supersedes of earlier Will.
On the other hand, if you don’t mention these things, it can complicate the situation, it can cause major confusion, and it might take a few years before reaching to the final verdict.
Q.5. Where should I keep the Will?
A.5. A probate court needs to access your original documents of Will before it can process to your property. Make sure to keep the document where to keep it safe and accessible.
You must not submit or keep your Will documents in the bank safety box, because after your sudden death your family needs a court order. Therefore, you should keep the waterproof as well as fireproof safe in the house.
Q.6. I don’t have a Will? What happens in case of sudden demise?
A.6. Well, if you suddenly die without making a Will, the state will supervise the dispensation of your assets that are distributed according to a government set formula.
Let’s Wrap it Up!
Drafting the Will is quite a challenging task. However, with some basic knowledge and useful tools, you can quickly do this task. In this article, I have tried to share every possible information related to making a Will.
Now, once you created the Will successfully, you can make changes to it whenever you wish too. Moreover, a person who is drafting the Will should be of sound mind, good health, and he/she should not be pressurized.
Do you want to draft a Will?
In case you’re looking to draft a Will and have some queries do enlighten them in the comment section. If you have created the Will successfully, share your experience and do’s and don’ts.