How
to write a Digital Will
Where
there’s a will, there’s less confusion for legal heirs. In fact, this piece of
paper outlining the final allocation of one’s assets is a crucial step in
financial planning. Legally speaking, all you need to do is jot down how you
want to pass on your property after death, sign this piece of paper, and get it
attested by two independent witnesses, who don’t stand to gain from your will.
However,
in this golden age of technology, people are no longer settling for a simple
penning of wills. Instead, they are increasingly opting for more stylish options,
such as video-recorded and online wills. Says Sandeep Nerlekar, CEO and MD,
Warmond Trustees & Executors: “People have started realising the importance
of a will and no longer rely on the simple version. They want to make it safer,
so these new variants have cropped up.”
However,
no matter which option you choose, you need to have a physical copy of the
will. “This is because India does not have a central agency that recognizes
digitised signatures,” explains Rajesh Gupta, partner at SN Gupta &, a
leading law firm.
Video-recorded
will
In
this case, the signing of the will by the testator and the two witnesses is
recorded on a video camera. The will has to be prepared before the cameras
start rolling; a mere recitation of the document’s contents is not accepted.
“When
the execution process-where the will is duly signed by the trio involved-is
recorded, it becomes difficult to question the genuineness of a will. So,
getting a probate is comparatively easy,” says Richa Karpe, co-founder and ED,
Altamount Capital. She adds, “Generally, the person who has been left out in
the will challenges it on the grounds that it wasn’t executed properly. If the
process is recorded on camera, this problem won’t arise.”
A
probate is a copy of the will that is certified by a court and can be granted
only to the executor appointed by the will. This is mandatory in case there is
no will or if there is a problem with the existing one. However, given that a
will becomes inviolate after it is probated (that is, nobody can file a law
suit against it on the grounds that the testator was of unsound mind), the
process is highly recommended by experts in any case.
Incidentally,
Video-recorded wills are also accepted by the Indian courts. In October 2009,
while deciding a 1985 case seeking the grant of a will, the Delhi High Court
had ruled that video recording of a will is a legally admissible evidence.
Succession
planning firms typically charge around 5,000 to record the execution of a will.
As wills do not require the presence of a lawyer, you can choose to record the
process for free on your personal camcorder, but then you’ll lose out on a key
advantage of using professional firms, namely, safe custody of both your will
and the video.
Several
web portals and companies now allow you to make your will online. “The making
of online wills is picking up as many people do not have the time to sit with a
lawyer and discuss the will in detail,” says Nerlekar. Warmond Trustees &
Executors, for instance, has introduced the InstaWILL service, where a customer
gives instructions online and receives a customised will on e-mail within a
week.
To
make an online will, you’ll have to register on the website of the company. The
portal will give you access to an application, which will help you draft the
will. All you need to do is answer the questions and leave the drafting to
them. An online will would cost you around Rs 10,000. Many websites abroad,
such as the UK-based Q-Will and US-based legacywriter.com, also offer templates
from which you can choose the one that suits your needs, while others offer a
one-size-fits-all standard template. However, in India, this service has just
picked up, so there are not many options in the market.
Once
you fill in the relevant details, the service provider will e-mail a draft of
your will, which you need to print and sign. You’ll subsequently have to get it
attested by two witnesses. Some portals like warmond.co.in allow you to store a
copy of the will on the Net and make changes without registering afresh. On the
other hand, some portals simply allow you to upload and store a scanned copy of
the will. This online option works best for someone who is very clear of how he
wants to distribute his assets and does not require any guidance. Don’t forget that you will still need to keep a
physical copy of the will with you.
Digital
will
Don’t
confuse this with the online will. A digital will isn’t a process or an
alternative to supplement the plain vanilla paper will. It is a special type of
will that allow you to pass on your online ‘properties’, such as your social
networking account or an e-mail account. “Just as you make a will for your
financial assets, you can make one for your online accounts too,” says
Nerlekar. This is becoming increasingly important because our accounts contain
a lot of private information about us as well as that of our friends and
families and, hence, pose a significant threat if hacked.
Most
e-mail service providers and social networking companies have death policies
that determine what will happen to your account on your death. For instance,
Yahoo and Flickr permanently delete all your accounts and their contents on
receiving a copy of your death certificate. What if you want to preserve your
digital legacy? This is where a digital will comes in. “If you leave a digital
will, the e-mail service provider will hand over your account details to the
person named in the will,” says Nerlekar.
Though
any law firm can help you make a digital will, you don’t necessarily need a
lawyer for this process. You can also integrate your digital legacy with a
standard will. However, take into account the death policy of your social
networking site while drafting the will.
WHAT
EVERY WILL SHOULD HAVE
No
matter how you make your will, keep these things in mind:
1.
Clearly mention the people to whom you wish to pass on your wealth. Don’t use
nicknames or incomplete names.
2.
If the property is quantifiable, such as cash, mention it clearly.
3.
Where it cannot be quantified, give a clear description of the property.
4.
The attesting witness or his spouse should not benefit from the will in any
way.
5.
Appoint an executor for your will. He is a person who will see that your
directions are carried out in the manner stated in your will.
6.
Though it’s not mandatory, have a probate for your will. It establishes the
legal capacity of the person writing it.Source: Economic Times
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