This document discusses wills and the power of attorney. It defines key terms like testator and beneficiary. It describes different types of wills like holographic and noncupative wills. It provides guidance on preparing a will, including considering assets and beneficiaries, choosing executors, and drafting the will. It notes that a will determines who will ultimately own assets, while a nomination determines who initially receives assets. A codicil can be used to make minor changes to a will.

2. Presented By:
Manish Pannu
MBA-Finance
Power of Attorney & Will

11. Source of data: kindlycare.com

12. WILL

13. Will
A Declaration of how a person wants
his or her property distributed after
death.

14. Key Terms
• Testator – the person who makes a will.
• Beneficiary – a person or organization
designated in the will that receives all or a
portion of the testator’s property at the time of
the testator’s death.

15. Special Types of Wills
• Holographic Will
–Will that is entirely handwritten and
signed by the testator.
• Noncupative Will
–Oral will that is made before a witness
during the testator’s last illness.

16. Preparing Will
Consider the assets you can legally
bequeath
Determine the division of your
assets
Choose who will receive specific assets

17. Think about what you want to happen if
a beneficiary dies before you.
Designate a guardian to minor children
Determine who will receive conditional
gifts.
Consider any special requests

18. Writing Your Will
Decide how you will write your
will. Before you start, you will need to
decide whether you will hire an
attorney, use an online resource, or
write the will yourself
Identify yourself in the
will. Include identifying factors in
your will to ensure that your will isn’t
confused with that of someone else
Make the required declaration. The first sentence of your will should
introduce the document as your last will and testament. Simply state: "I
declare that this is my last will and testament."

19. Nullify all previous wills. This type of
provision will ensure that any previous wills
that you may have written are no longer
valid. To do this you can write: "I hereby
revoke, annul and cancel all wills and codicils
previously made by me, either jointly or
severally.”
Declare your mental wellbeing. Wills are often
challenged on the ground that the testator (the
person who's will it is) was not of sound mind
when he or she executed it. Therefore, you
should always include a statement that proves
your soundness of mind.

20. Do not edit your will once it has been
signed
Use a codicil for minor changes. A codicil
is a document that refers to your original will
and states that you are making changes to
that original will Once you create your
codicil, you will keep it with your original
will.
Make a new will if you have substantial
changes

21. From simple man’s language perspective, a nominee is
somebody who receives the asset upon death of a person.
However, the nominee cannot own it.
Say, if a husband has nominated his mother in life insurance
policy. Upon his death, the entire proceeds of life insurance
will go to the mother, but the mother can’t own it if a will has
something contrary written. If the will says that a portion of or
the entire asset should go to his wife and children then the
mother will have to part with that.
Nomination, in simple language, is the right to receive. But a
will shall decide who will eventually own the asset. In case
there is no will then there is Indian Succession Act, Hindu
Law, etc. Summing up, nomination is the right to receive, will
is the right to own except in case of equity shares where
nomination prevails.
Difference between a will and a nomination

22. If a person were to nominate for all his assets, would he
then need a will?
For example, a person has said that he is nominating all his
assets to his brother, but in a will, he writes something
different or if there is no will then based on the Indian
Succession Act, Hindu Law, the brother will receive all the
assets but he will have to distribute it. If there is a will and it
says that the entire asset will go to his brother, then the
brother will own it. But if the will says anything contrary, the
brother will probably more act as a trustee holding onto
assets till the final will is out. If there is no will then the
nominee will hold onto the assets and it becomes his.

23. THANKU