What is a Will ?
A Will is a document whereby a person expresses his desire as to the disposal of his properties after his death. It means the legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death.
Why do I need to write a Will ?
A will is the only way you can ensure how and in what proportion you want your assets to be distributed to the beneficiaries after you
It is not about the value of assets you have, it is about ensuring that your hard earned assets are passed on to your next generation hassle free
A will can also be used to appoint a guardian to look after children until they can look after themselves.
A will also allows you to choose a person to manage the distribution of your assets. This person is called an executor. If you don't have a will, your assets are distributed by a court-appointed person called an administrator
Eliminate the hassles of the law having to distribute your assets to legal heirs if you die intestate (without leaving a will behind)
If one was not aware of death and the risks attached to it, then Insurance wouldn’t have existed. Insurance is must, so is Will
I have already done the nomination for all my assets. Do I still need a Will ?
Although nomination can take care of handing over your assets to your desired beneficiary/ies, it is advisable to write a Will in order to make a comprehensive note of all your assets and allocation of them to the beneficiaries at one place. It reduces the hassle of paper work for your loved ones and avoids the instance of any future dispute over your assets.
What if I die without making a Will ?
If one does not make a Will, then his/her estate will be distributed only amongst the close family members as per the law. In this process, the undeserving family members may get the share in your estate, leaving the real deserving/needy family members or friends without any share.
My Assets are held Jointly, do I still need a WILL ?
Yes, you still need a WILL. As per succession laws, where a person dies intestate i.e without leaving a WILL behind, his assets are distributed as per the applicable succession law that in turn depends on his religion, as a result of which several relatives in addition to the spouse may also end up acquiring a share in the property. For instance, if a man is survived by his wife and parents they all will share his property equally.
What happens if I don’t sign my Will ?
Unless a Will is signed it is not a legally valid document. A Will which is not signed is as good as no Will at all.
In what countries will my OnlineWILL be valid ?
OnlineWILL is designed to cater the requirements of Indian citizens, Persons of Indian origin, Non- resident Individuals (Non-resident Indians and Non-resident others). However for person residing outside India the Will document has to be attested at the respective Consulate General of India.
How long will you take to make my OnlineWILL ?
After collecting all the required information from you, barring the exceptions, we take around 3 to 5 days to draft your Will.
Why does it take 3 to 5 days to make the draft of my Will ?
Every Will draft is a distinct document depending on specific requirements. On receiving the data provided by you in the form, our team of legal experts will first analyse the details and then according to your specific requirement make a customisedWill draft for you. Since this procedure is very systematic with various stages involved we require 3 to 5 days to make the correct Will draft.
Do I need to print my OnlineWILL on a stamp paper ?
It is not mandatory to print your will on a ‘stamp paper’ but to make you will more authentic you can use ‘ledger paper’ and get it registered.
Who is a Beneficiary?
A Beneficiary is a person or entity named in the WILL as the inheritor of assets / property when the estate / property owner(testator / testetrix) is no more.
Who all can I include as the beneficiaries to my Will?
All your beloved ones which may include your wife, children, grandchildren, friends , relatives or any institution like School/s, Temple/s, Community Trust/s, Charitable Trust/s, etc. who you wish to pass on your assets to can be included as the beneficiary/ies to your Will.
Can I exclude my immediate family member/s from the list of beneficiary/ies?
You can exclude your immediate family members from being the beneficiary/ies in all your self- acquired assets. However, in case of inherited asset/s there are different laws.
Can a Witness / Executor be a Beneficiary?
It is better if the Witnesses/ Executors are not beneficiaries or are not related closely to any beneficiary of the Will.
Who can be appointed as an Executor to my Will?
Anyone other than the beneficiary/ies can be appointed as an Executor/s to your Will. You may also appoint “Terentia Consultants Pvt Ltd” as an Executor to your Will as we are a neutral third party corporate body.
How many Executors should I appoint?
Ideally there should be one main executor and the second one as a backup which can be “OnlineWILL”.
Can OnlineWILL act as my executor as well as prepare my Will?
Yes, OnlineWILL is in the business of advisory and drafting of Wills along with the Executorship of the same.
Is it mandatory to appoint a guardian?
You cannot transfer property on the name of a minor; hence it is important to appoint a guardian.
Who should be appointed as guardian of my minor beneficiaries?
A guardian is someone who you can trust (should be above 18 years of age) and is capable of taking care of the Minor/s i.e. A Family member, relative or a close friend. You can also appoint more than one guardian.
What should I do if I need to make any changes in my OnlineWILL?
Once we send you your Will draft, you can send us a mail in case you need to make any changes in your Will draft. We will make the changes and send you the Final draft. Please note that we would be able to make change in your Will draft depending upon the terms agreed. If you want to make any further changes, we can do the same for you for which you would have to pay us the fees as applicable.
Will you charge me every time I make changes in my OnlineWILL?
No. Once we send you your Will draft, you can send us a mail in case you need to make any changes in your Will draft. We will make the changes and send you the Final draft. Please note that we would be able to make change in your Will draft depending upon the terms agreed. If you want to make any further changes, we can do the same for you for which you would have to pay us the fees as applicable.
Can changes be made in a Will after registration?
During the one’s lifetime he/she can modifythe earlier Will by making suitable Codicils to record such changes and the same can be registered.
Is it mandatory to register my OnlineWILL?
Registration of a Will is not mandatory. However to make your Will more authentic document it is advisable to register your Will at the Sub Registrar office.
What should I do with my Will once it is signed and witnessed?
You should make sure that you keep it in a safe and secure place. Although you can keep it at home, it's better if it is placed in safe custody of the TERENTIA CONSULTANTS PRIVATE LIMITED who is the parent company of OnlineWILL.
Is the OnlineWILL payment mode secure?
Yes. The “payment gateway” provided by us is one of the most secure payment mode and it is very well tested. At no time do we have access to or store your credit/debit card details. These details are only used by our third party payment gateway provider ICICI Bank to process your payment using their own secure encrypted and digitally-signed protocol.
How will I know that you have received my payment?
On the successful completion of the payment transaction, you get an email on your registered Id with the Customer Relationship Number for all your future queries.
Is my personal data secured with OnlineWILL?
Yes. OnlineWILL uses advanced technology and encryption to ensure that your personal data is secure. Once your data has safely arrived on our server, it is encrypted and stored in electronic form only.
Is it safe to disclose my assets on your site?