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(Precious) Words of Wisdom : "Wall Street makes its money on ACTIVITY, you make your money on INACTIVITY." ~ Warren Buffett

Now your Will too can be made online

After banking, insurance, investing, shopping, ticketing and many more things that you can nowadays do online, even writing your Will goes electronic. A couple of companies have recently launched online Will-preparing facility.

Many people in India are still ignorant of the fact that nomination is not a Will. Therefore, once they have completed the nomination formalities for the various assets that they own, such as property, fixed deposits, insurance policies, shares, mutual funds, etc., they believe that their job is done.

Given the importance of Will in ensuring that your loved ones do not face any serious difficulties and delays in your absence, you must write one... immediately. 

And now that drafting a Will can be done online, from the comfort of your home, there is simply no excuse not to do so.

NSDL and HDFC Securities have each tied up with a law firm to offer e-Will solutions. The process is simple and straightforward.

Step 1: Go online and register yourself on the website concerned.

Step 2. Input the necessary details such as your personal information, members in your family, assets owned by you and how you wish to divide your assets.

Step 3. Remit the prescribed charges online.
Presently, both companies are charging Rs.4,000 for writing the Will (there may be some additional charges for extra services).
Step 4. Review and confirm the draft Will sent to you. (This is prepared by lawyers specialized in drafting of Wills).

Step 5. Receive the hard copy (or an email copy) of the final Will.

There are two more "offline" steps to complete the process of Will writing.

Step 6. Sign the document received in the presence of two witnesses.

Step 7. Register the Will. (Though this is not always mandatory, it is better to do so, especially where immovable property is involved.)

Assuming there are no legal complexities that may require a face-to-face interaction with the lawyer, making a Will online would be lot more economical than an offline one. You can compare the charges and make an appropriate choice.

Both NSDL and HDFC Securities are already experienced and have a proven track record in dealing with sensitive data and its confidentiality. Therefore, I guess there should no concern as far as the security of our information is concerned.

So what are you waiting for? Go online NOW and write your Will.

By the way, here's a simple primer on Will vs Trust to help you decide which is the better alternative for your requirements.

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