Published Jan 28, 2021
What is Will?
It is a legally binding document that lets you determine how would you like your estate to be handled after your lifetime.
Absence of a will
• Your wealth will be distributed as per intestate succession laws and not as per your Wishes.
• Complicated ownership of assets.
• Possibility of family disputes leading to deterioration of relationships.
Some common terms used in will planning
• Testator/Testatrix- A male/female who has made a will
• Executor/Executrix– An individual appointed to carry out the wishes as stated in the will of the deceased
• Legatee/Beneficiary- A person who inherits under a will
• Codicil– An addendum to your original will to include modifications/additions.
• Probate– Judicial process to confirm if the will is valid and authentic post demise of the testator/testatrix