The property ownership means a big thing and it becomes a huge responsibility particularly when you have to transfer the same to the next generation. Of course, a WILL is definitely the best way to carry out this process and in today’s time of digitization, you also get the opportunity to create the sane with just a click of a mouse. This digital method of transferring property to the next generation is known as E-will.
So, here is the step-by-step method to know the process of making E-will:
- Concept of E-Will
This is a digital method to transfer property to the next generation and it include details of properties and investments along with the details of the beneficiaries such their name and relationship with the testator.
- A testator is a person who creates the WILL with the willingness to distribute his/her asset(s) among whosoever.
- A beneficiary is a person who inherits the property/investments of the testator.
- An executor is a person who makes sure that the property is transferred to the beneficiaries according to the WILL of the testator after his/her demise.
An E-Will allows you to create a will along with the option to make changes to the same anytime and thus you also need not hire a lawyer for the same.
- Registration on the Portal
To begin with the process of E-will, you are required to register yourself on the portal that offers drafting service. There are multiple services that can be accessed only after signing up.
- Fill Details
You have to fill in all the details related to assets and investments along with the personal information of the beneficiaries. Remember filling up information is easy as it is asked in the form of a questionnaire. You can also fill in the details of the executor along with other information.
- Make Payment
After filling details you are required to make payment for the same. Once the payment is done the panel of lawyers will create the first draft of the WILL and the same will be sent to you for approval and suggestions. You are free to offer changes to the same or can also give ok for the same after which the E-will is sent to you for duly signing in the presence of two witnesses.
- E-will Registration
This process is optional like the registration of the e-will is not necessary if you have signed the draft in presence of two witnesses but the same is required to be registered in case of non-signing in the presence of the witnesses. The E-will is registered in the presence of sub-registrar and makes the will more authentic.
- Things to do while making E-Will
The first important thing is that the testator must attain the age of 18 years and should have a stable health condition. It is important to mention the details of descendants and beneficiaries correctly. Apart from this, it is also important to mention details of all properties, investments, bonds, fixed deposits, securities and more along with accurate information of all. Finally, the testator should keep atleast one hard copy of the E-will.
- Advantages of E-Will
The creation of E-will save time and is also a hassle-free process. This process not only consumes less time but it also maintains the secrecy of your details. Remember that an E-Will is always prepared by expert lawyers.
- Things to Consider
Make sure you check the previous work of the service provider and the services they offer. You are only allowed to make two free alterations as the next many changes will cost an additional fee.
Another important thing to consider is that the preparation of E-will is not possible in case of a joint will. Here you can follow the traditional method of creating a WILL.
- Who offer this service
The making of E-Will is offered by multiple players including private and nationalized banks and some-E-commerce firms have also stepped into this section.