Information needed to create a will

Creating a will is a very important part of estate planning. One needs to take care of certain aspects to make sure it is valid. Presence of two witnesses, appointment of an executor and being of sound mind are few of them. Before making a will, one needs to put together all the information mentioned below.

Make a list of assets
First of all, one needs to make a list of all assets— movable or immovable, big or small value—that he/she has owned or gathered through their life. These include property, financial investments, copyrights, patents, jewellery, paintings, etc.

Make a list of wishes
Next, one needs to make a list of all the final wishes that one has on the date of making the will with respect to disposal of those assets. A wish could be to set aside a corpus for children’s education or funding for a particular cause.

Gather information
Details of all properties, bank accounts, demat accounts, mutual funds, shares, FDs, insurance policies and loans besides the names and contact numbers of CA, financial advisers and lawyer should be brought together.

Identify executor
Identify the person who will execute the wishes made in the will. The executor’s name needs to be included in the will. Next, one must make a list of names to whom he/she plans to bequeath their assets.

Finalisation
The will needs to be made in writing and signed and dated by the individual in the presence of two witnesses. Alternatively, one can also take help of an expert lawyer or estate planner to write the will.

Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.