When you don’t create a will
- If you die without a will, you house, gold, car, mutual funds, jewellery will go your legal heirs
- If you think that the assets will automatically transfer to the nominee, then you are wrong. They are different.
When creating a will
- You need to appoint an executor of the will
- Ideally the beneficiary of the will is not the executor
- Examples: Family friend, lawyer, financial planner, etc
- You can write the will in a piece of paper, sign it with a date and place, and get two witnesses to sign as well
- The witness and the beneficiary should be two different people, and the witness and the executor should be younger than you
- Ensure that each page of the will is numbered, signed and mentions the date of the will
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