Can A Will Be Changed Once It Is Already Prepared?

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    Without getting too much into the exact technical definition of a WILL, we can define it in simplistic term as document that lists how an individuals assets would be distributed after his death.

    Can A Will Be Changed Once It Is Already Prepared?
    The assets of a WILL could be distributed to any person of the testator's choice (person who prepares his/her WILL) including family members, relatives, friends/NGOs, charitable institutions etc. If a person dies without a WILL then the religion that one belongs to would come into the picture and the assets distributed according to the same.

    There is no age for the preparation of a WILL. The ideal time would be when you have assets, because life after all is uncertain.

    Can a WILL Be Changed Once It Is Prepared?

    There is no limit to the number of times a WILL can be changed. However, it's very important to remember that only the latest WILL would hold good. So, the earlier WILL would have no legal standing and the assets would be distributed only according to the latest one.

    While preparing the same it is extremely important to remember that you need to have two executors. They should not be the heirs and would be able to distribute the assets upon death. While it may not be important to appoint a lawyer, for the purpose of clarity it is best to appoint one. Also, lawyers would ensure there is no ambiguity with regards to the WILL.

    There would be no need to mention the value in the WILL given the fact that they could change from time to time. For example, if an individual holds large number of shares in his portfolio the same would change from time to time, which is why it is best if ignored.

    The values would be based on the date of the execution. It's also important to remember that the WILL becomes effective only upon the death of the testator.

    Why Is It important To Make A Will?

    We have seen in the past how money can drive people crazy. There has been disputes that have been settled in court causing great strife to families, especially when there was no WIL in question. It's therefore extremely important to make one, to avoid the rightful legal heir being deprived of their rights. Consult an expert lawyer for the purpose and also get a financial planner involved. Do not assume that things would be hunky dowry after your death.

    GoodReturns.in

    Read more about: finance
    Story first published: Tuesday, February 17, 2015, 11:42 [IST]
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