The dead giveaway
Your will may be the most important document you’ll ever write. Two lawyers offer tips on how to do it right
In Knives Out (2019), Ana de Armas plays Marta, a dedicated nurse and caregiver to a famous author. He dies, leaving her his fortune in a will he makes in his last days. It’s what steers the plot, and the morals of his rich family.
DDumbledore once said, “To the well-organised mind, death is but the next great adventure.” He left quite the mess behind, as Harry Potter found out. For us Muggles, perhaps a will might make things simpler once we depart. It feels weird, though, doesn’t it? Who to leave money to? How to calculate value? Who’d take the best care of a Lego Imperial Star Destroyer or a crabby old cat? Shriya Misra, partner of litigation at TKC Partners, who specialises in partition suits, and Pranav Jain, partner at Imprint Legal, who works in property law, break it down.
“If you’re around 35 years old and have kids, think about appointing a guardian,” says Jain. This works even for those who don’t think they’re rich. “What comes into play isn’t your assets, but how you wish to be treated, in case of a medical issue, for instance. A will gives you autonomy over yourself.” Unmarried folks, those without kids might want to will their assets to their parents.
l Start early. l Go digital.
Somewhere in everyone’s archives are 6,000 shots of Ladakh, half a script, and a thread-roll of witty tweets. Jain says it’s a good idea to think of digital assets as intellectual property. A will should include social media passwords so they can be accessed after you. “But don’t just dump something on people – they may need financial and mental space before taking it on.”
Ace the basics. “A will can only be made regarding assets that are self-earned,” says Misra. “Ancestral (joint-family) property cannot be willed away.” And debts become the problem of the person who inherits your bank account, so offer a heads-up, maybe?
Fill it up. A good idea is to divide a will into movable assets (cash, jewellery, shares, art or cars) and immovable ones such as a home or other property. And be generous with details. “Put down enough to clearly identify the assets,” suggests Jain.
Pick and choose.
“If you have a flat and you want to give it to your sister, but you want to ensure that she doesn’t sell it or leave it to her husband or children; the will can grant her lifetime interest,” says Misra. “As long as she’s alive, she has the right to the flat. After her demise, it can go to whomever you specify.”
Have a rethink.
“Once you register a will, you can’t make amendments,” says Misra. “But people are allowed to change their minds, so just make a fresh one.” If you have an older, registered will, preference will be given to the newer one.
Keep it neutral.
Pick a lawyer or an impartial third person to execute your will in your absence. “You can also designate a person to take medical decisions for you for the time that you are unable to do so yourself,” adds Jain.
Wills are usually kept in bank lockers so they’re not tampered with. Jain also suggests making a video of you reading out and signing the will so there’s even less chance of fraud.
Keep it safe.
CONSIDER MAKING A VIDEO OF YOU READING OUT AND SIGNING THE WILL, SO THERE’S EVEN LESS CHANCE THAT IT WILL BE TAMPERED WITH