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Why Will Drafting?

Will is a legal binding agreement that states who will receive the property after the owner’s demise. With a Will, you would be assured on protecting and preserving your assets for the future benefit of your family and loved ones. It helps your beneficiaries with a hassle-free claiming process and at the same time ensures that your wealth is distributed in the right hands.

At ICICIdirect, our professional legal experts, that have all the relevant experience and expertise in this field would assist you in drafting a Will.

Advantages of Will drafting

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Hassle-Free Wealth distribution

The Family that has clear understanding /instructions/wishes of wealth owner about wealth type and whom to distribute, has no confusion/misunderstanding. Even financial institutions / banks/ property agencies have clear mandate to act for distribution. It reduces hassles for family.

Potential for higher returns

No Intervention of laws/courts 

In absence of a Will document, the overall wealth distribution goes according to the Succession Laws like Hindu Succession Act etc. to define who are the Legal Heirs and the distribution pattern by way of Succession Certificate form court. Such process takes 6 to 12 months and heavy legal expenses cost, for example in Maharashtra court fee is Rs. 75,000/= and similar amount for legal fees as minimum cost.

Better post-tax returns

No inheritance taxes for NRI at foreign country of residence

Many developed countries levy Inheritance Tax on wealth left behind. If NRI has wealth in local residence country as well as India, he/she can make a separate Will as per Indian laws for all India based assets that way Inheritance Tax on India based wealth can be saved.

One Time Or SIP

Avoid risk of family debonding

Nowadays Wealth is becoming more powerful than Relations. In the event, where there is No-Will, family members are clueless about the deceased member’s wish, which indeed causes confusion / misunderstanding between legal heirs, son-in-law, daughter-in-law etc. resulting into disputes/fights and legalities resulting into debonding within family members due to wealth.  

One Time Or SIP

Business Succession as per Wishes

For a business owner, the efforts to create the business and the hard-earned wealth shouldn’t go in vain. An appropriate successor for the business assures a smooth flow of wealth or else all the legal heirs could be claimant to the business which may give rise to a situation an unhealthy decision to the business. where survival of business becomes difficult.

Your Will drafting through ICICIdirect

Tied – Up with premier legal and regulatory information service providers to offer will drafting services

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Your data will be 100% Confidential

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Simplified Process with attractive prices

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Assistance from Lawyers (if required only)

Write your online Will in just 3 easy steps:

  • Login Icon Login to ICICI Direct account click on Buy Now & Pay
  • Go to Mutual Funds Fill in details
  • Select an ELSS Fund Print and Sign

Types of Wills

  • Online Will
  • Offline Customized Will
  • Other Services

Online Will

Express Will Standard Will
It is an Online service where you can create your short summarized Will without filling full details assets in about few minutes. This is more detailed Will in which you can provide basic details of every type of asset, or also have option to proceed without giving details

Offline Customized Will

Name Of Service Type 1 Type 2 Type 3
Individual Will Standard Pro Premium
Joint Will Standard Pro Premium
Mirror Will Standard Pro Premium

Other Services

Sr No. Other services
1 Estate Planning
2 Creation of Family Trust
3 Obtaining Probate, Letter of Administration,Succession Certificate
4 Executorship, Trusteeship, Will Custodian,Translation, Registration of Will

FAQs

Will is a written declaration by a person about his/her wishes for all matters such as distributing his/her properties /assets, wealth to family, relatives, outsiders, charities etc. after his/her death. A Will should be signed in the presence of two witnesses to give a legal effect as per Indian laws.

Preparing a will ensures that all your assets and properties are distributed and disposed of as per your wishes after your death avoiding disputes/misunderstanding or any legal interference within the family. Also, if you wish to give more share to some of your relatives/heirs and want to ensure that certain person must not get any of your assets and properties, then will is the only effective document to do the same. For example – if one wishes to donate organs, give flat to wife, give more/less to any particular son/daughter, give some amount to parents or also care taker/friend etc., such wishes can be mentioned in a Will which shall be binding to all - family, relatives, all laws, all courts including the Supreme Court of India. Individuals following Muslim religion may have to follow Sharia laws for succession of wealth instead of writing a Will.

When one dies without writing a Will (called “intestate” in legal language), all your properties, assets, wealth is distributed as per Succession Laws applicable to your religion/personal law, like The Hindu Succession Act etc.. You must know that such succession laws have defined fixed proportion to be distributed to all/several family members which may not be as per your wishes. There could be chances of delay in distribut ion of properties and may lead to legal cases, disputes amongst family members etc.

In today’s world of uncertainty where untimely death due to accidents, heart ailments, terror attacks are becoming ‘a way of life’ which is also why many people take insurance at a young age of 25 or earlier. You should make a Will soon after attaining 18 years of age and owning even a single asset like flat or insurance policy or bank account or shares. If one takes insurance at a young age to provide financial support to the family in case of untimely death, why not make a Will which is an instruction in writing to the family as on ‘how to distribute insurance claim or other properties / assets’. Hence everyone should make a Will at any age above 18 years.

Will can be handwritten or typed, however typed Will is preferred on a plain paper as Stamp paper or stamp duty payment is exempted in India for a Will document. A Will should be in any language which is suitable to the person who has made the Will. A Will should cover details of your family, your properties/assets, your liabilities, your wishes, your bequeaths (property distribution wishes), names of two witnesses, date and place of signing, sign of the person who has made the Will and both the witnesses on each page.

It is advisable to mention all single/joint properties, wealth, assets, receivables as well as all liabilities/loans in the Will, including movable, immovable, intangible properties and assets. Movable properties will include Cash, Jewellery, FD’S, Bank Accounts, Insurance

Policies, Vehicles & all your furniture, fixtures etc. Immovable properties will include all your Land, Building, Flat, Shop, Office, Plot, Garage etc.

Yes it is allowed where both the husband and wife bequeath all properties to each other and final bequeath is mentioned by which properties are distributed to family, relatives etc. as per Joint Will. However, such joint Will can take effect only after the death of both and not during the lifetime of either one. Many a times, husband and wife prepare ‘Mirror Will’ which are two separate individual Wills where each spouse gives all his/her property to their other spouse and mention third person as an Alternate Beneficiary.

Legally a will can be stored at any place. However, it is advisable to store your will at a safe and secure location where it cannot be tampered with and it can be easily found by your family after your death. It may be kept in the safe custody of a locker, with a trusted person or with professionals like banker or solicitor who will take necessary steps to inform the executor after your death. Various banks and financial institutions offer custodian services for safe keeping your will.

Ancestral properties in which title/ownership is legally transferred can be bequeathed by a Will.

A general clause is included in a Will for residual properties/assets (miscellaneous assets that were missed) which specify who should receive ‘residual assets’ and similarly a general clause is added for ‘all future assets’.

One can cancel/revoke their Will at any point of time or even by making a fresh Will. Once a Will is made all the past/old Wills stand cancelled. A Will can be revoked in the following ways:-

By execution of a subsequent Will;

By writing and declaring an intention to revoke the Will;

By burning, tearing or otherwise destroying the Will.

No, as of date any property received under the Will does not attract any tax including capital gain tax. In past there was an Estate Duty tax which has been abolished in 1985 by India Government.

A Will drafting can be done by any legal professional. In today’s world of technologies, a Will can be made online with a software which is developed by a Will lawyers with IT engineering expertise. Drafting of a Will in simple and clear language with required legal clauses can avoid undue legal disputes / misunderstandings.

Disclaimer:

ICICI Securities Ltd.( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh Marg, Churchgate, Mumbai - 400020, India, Tel No : 022 - 2288 2460, 022 - 2288 2470. Please note, Will drafting related services are not Exchange traded products and I-Sec is acting as a distributor to solicit these products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon.

The information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities Limited. The contents of this mail are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. While due care has been taken in preparing this mail, I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any inaccurate, delayed or incomplete information nor for any actions taken in reliance thereon. This mail is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject I-Sec and affiliates to any registration or licensing requirement within such jurisdiction.

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