Important: this article is general information to help you get organised. It is not legal advice. I Tag Financials is a mutual fund distributor, not a law firm. Succession law in India differs by religion and personal circumstances, and the rules for a valid Will are specific. Have your Will drafted and executed with a qualified legal professional.
Why prepare first
Most of the time spent on a Will goes into collecting facts: what you own, where it is held, in whose name, and who should receive it. If you arrive with those facts in order, the drafting conversation can concentrate on your wishes and on the legal points that need judgement.
1. Your own details
- Full name as it appears on your identity documents, and any other names you have used
- Date of birth, current address and permanent address
- Identity documents such as PAN and Aadhaar
- Marital status and residential status
- Details of any earlier Will or codicil, and where the original is kept
2. Family and dependants
- Spouse, children, parents and anyone else who depends on you financially
- Full names, dates of birth, relationship to you and current addresses
- Any minor children, and who you would want as their guardian
- Any dependant with special needs who may need long-term provision
3. Assets
For each asset, note what it is, where it is held, an identifying number, whether it is in your sole name or held jointly, and who the nominee is, if any.
- Immovable property: houses, flats, land and commercial property, with the address, the nature of your ownership and where the title documents are kept. Note separately whether a property is self-acquired or ancestral, because the two may be treated differently.
- Bank accounts and deposits: bank, branch, type of account and account number.
- Mutual funds: fund house and folio number for each holding. A consolidated account statement lists them in one place.
- Shares and other securities: demat account details and depository participant.
- Retirement and employment benefits: provident fund, pension accounts, gratuity and similar entitlements.
- Insurance policies: insurer, policy number and nominee.
- Business interests: partnership shares, shareholdings in private companies and proprietorship assets.
- Physical valuables: jewellery, vehicles, art and locker contents, with the locker location.
- Digital assets: online accounts with monetary or personal value, and how your executor can reach them. Do not write passwords into a Will.
- Money owed to you: loans you have given and the documents supporting them.
4. Liabilities
- Home, vehicle, personal and business loans, with lender and account number
- Credit card dues
- Guarantees you have given for someone else’s borrowing
- Any other amounts you owe
5. Nominations and joint holdings
Collect the current nomination for each financial asset and check that it is up to date. The relationship between a nomination and a Will is a legal question that can differ by type of asset, so raise it specifically with your legal professional instead of assuming one overrides the other.
6. Who should receive what
- The full name and relationship of each beneficiary
- Which asset, or what share of your estate, each should receive
- An alternate beneficiary in case the first choice does not survive you
- Who should receive anything not specifically mentioned
- Any gifts to charities or institutions, with their correct legal names
7. Executor
An executor carries out the instructions in your Will. Think about a person you trust who is willing and likely to be able to act, and a second person as an alternate. Ask them before you name them.
8. Witnesses
A Will is signed in the presence of witnesses. Who may act as a witness, how many are needed and how the signing must be done are legal requirements, and getting them wrong can put the Will at risk. Your legal professional will tell you what applies. As preparation, think of adults who are available, likely to be traceable in future, and who are not receiving anything under the Will.
9. Questions to take to your legal professional
- Which succession law applies to me and my property?
- Should the Will be registered, and where should the original be kept?
- How should jointly held and ancestral property be dealt with?
- How do my existing nominations interact with what I want the Will to say?
Keep it current
Review the list, and the Will, after major events: marriage, the birth of a child, a death in the family, the purchase or sale of property, or a significant change in your finances.
If you want a structured way to record all of this, the Will Preparation form on this website walks through the same headings and lets you save your progress. It gathers information only. It does not create a Will.