12 December 2014

Write your will, the e-way :: Business Line

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Don’t have the time or money to visit a lawyer? Draft your will online
You know the importance of having a will. It prevents legal tangles and ensures smooth transfer of your assets the way you want it to be done. But finding a lawyer and spending time to provide information or paying a high fees may seem daunting.
Two new services that get you going online — for a small fee and without requiring a visit to the lawyer’s office — may be worth considering.
Currently, two players offer Will drafting services online — e-will from HDFC Securities and Ezeewill from Warmond Trustees and Executors in association with NSDL. You must key in personal information such as a detailed assets break-up, beneficiaries and religion.
The service providers have a team of lawyers who work with the details you have provided to prepare a customised Will.
The soft copy of the legal will is shared with you to ensure that the data has been captured correctly and all things are laid out according to your preferences. The final document is sent to you to be signed in the presence of two witnesses and kept safely.
What you pay

Both providers charge₹4,000 for creating your will. While this does look expensive, getting it done through independent lawyers costs far more and can vary with the value of the estate.
Still, there are intricacies involved in making a will; while you do feed in the primary data, there are a lot of clarifications typically required.
For instance, bequeathing a property depends on whether it was inherited or simply bought by you. Likewise, the rules vary based on the domicile of the person. Also, once you start filling in the data, you may realise that some information is missing and more time is needed to collect it. HDFC Securities gives you 60 days to complete all the details and generate the will.
Other services

Besides getting your Will drafted, you can make use of associated services the providers offer.
You can, for example, opt for registration of your will, which will mean additional charges, depending on the region. And if you are willing to hand over an extra ₹500, Ezeewill offers hand-delivery of your Will through members of their legal team, if that makes you feel more secure.
They also take up the responsibility of dividing the assets as directed — also known as the executor of the Will. And in some cases, a Will may need to be changed.
For example, a conditional will may become inoperative if the condition specified does not happen.
Or you may, at a later date, want to change the terms of your will. You may lose your Will and need a new one prepared superseding any earlier one. The online services can help with this as well.
But you may be chary about putting on the internet all that information on how much you own and to whom you are bequeathing it to. “Upon completion and submission of the final draft, all client information is deleted and records reside only with the client”, says Gokul Das, MD & CEO, Warmond Trustees & Executors.
Likewise, HDFC Securities notes that details cannot be viewed by anyone as the “website as well as the application are completely secure”. Still, you need to do your bit as well and keep your documents, whether in electronic or physical form, safe.
What to watch

Also, keep in mind the fact that simply making a will does not preclude it being contested or free of fraud.
“While writing a will, no asset verification is done but these also stand the possibility of being contested,” notes Das.
If you want your will to be double-checked, you may consult a lawyer in person, which is cheaper than getting him to fully draft it for you.
“You can take a copy of the will to a local lawyer to discuss any questions. This may only cost you ₹500-1,000 compared to many thousands of rupees charged to prepare the will from scratch”, advises T Prem Anand, an advocate at the Madras High Court.
Contents of the will must also be fully understood by the person who is making it. So a translation in local language may be needed if the will is in English.
Pay attention to who signs as witness. There are rules on who can be witnesses as they may be called to testify if there are legal issues later.
You should also consult your tax advisor on your will as it can serve as a tax planning tool.

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