planning to make a WILL --- just browse below
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DadaDadi counsels seniors on reverse mortgages, see news
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Dada-Dadi is a leading advocate for the Older Indians Act, the backbone of services for the nation's seniors.
- Find Dada-Dadi programs that keep seniors self-sufficient.
- Meet Special-interest groups in Dada-Dadi that further independence.
- Use the Senior Housing Locator on BenefitsCheckUp.
- For senior center professionals, share discussions with others in the field.
- Find information on benefits, finances, senior centers, and more that will help keep you living independently
- Use the Senior Housing Locator on BenefitsCheckUp.
National surveys have indicated that nearly 5 per cent
of the senior citizens in the country have no one to look
after them as they either do not have children or are
neglected by them. Only 32 per cent of the senior citizens
get pensions, while 38 per cent of this age group do not
stay with their children.
Loans have brought a sense of social security to the senior
citizens who do not have any other source of income during
their twilight years. Per S Sridhar, chairman of the
National Housing Bank, which lanuched the scheme in the
country two years ago, After Delhi and Hyderabad, Chandigarh
is the third city of the country to get a counselling centre
for the loan.
As per the new scheme, senior
citizens above the age of 60 years, who have their own
self-occupied property, can avail of periodical payments
from a lender (bank) against the mortgage of their house
while continuing as owner of the house.
Since the borrowers are not
required to service the loan during their lifetime, they do
not make monthly repayments of the principal and interest to
The scheme, however, is in its
nascent stage. N C Jain, Field General manager of the Punjab
National Bank, Chandigarh revealed that so far only 19
persons have come forward from the region to avail the
“While in India we have disbursed
loans under the scheme to 113 persons (amounting to Rs 46.46
crore) , in Punjab and Haryana region, there have been only
19 senior citizens (amounting to Rs 7.5 crore only) who have
come forward to avail loans under the reverse mortgage,”
National surveys have indicated that nearly 5 per cent of
the senior citizens in the country have no one to look after
them as they either do not have children or are neglected by
them. Only 32 per cent of the senior citizens get pensions,
while 38 per cent of this age group do not stay with their
How to make a Will:
As one becomes older there is a need to facilitate the easy
disbursement of one's posessions and properties to one's
loved ones and dependants, so that there will be no legal
battles among them. For this reason it is advisable that
everyone with some property or wealth should prepare a
A "WILL" can be defined as "A legal statement written by an
individual, stating the manner in which his or her wealth
may be distributed after his or her demise." A person making
a Will is known as a "TESTATOR".
Here are some
guidelines to prepare a WILL.
It is best that one consults an advocate before preparing a
Will. It would be better if the advocate is a person on whom
you have the utmost confidence.
It is better to make a Will at a younger age. As and when
events or changes in the family necessitate changes the Will
can be changed. One of the advantages of making a Will at an
earlier age is that unscrupulous relatives could contest the
legality of the Will made by a very old person on the basis
that the person was not of sound mind when the Will was
A Will must always be dated. If more than one Will is made
then the one having the latest date will nullify all other
Wills. In fact it would be better to make a statement
nullifying all other Wills.
A Will should be Simple, Precise and Clear. Otherwise there
may be problems for the legal heirs. Sometimes relatives and
others may try to distort the interpretation of the Will for
their own benefit. It is always better to take the advise of
a trusted advocate.
A Will can be hand-written or typed out. No stamp paper is
There should be an Executor of the Will who would be
entrusted with the responsibility of ensuring that the
assets are distributed according to the provisions of the
Will. Sometimes more than one Executor may be required to
execute the Will. The Testator (person making the Will)
should take the prior consent of the person whom he or she
wishes to name as the Executor.
A Will should be signed by the Testator in the presence of
atleast two Witnesses who have to attest the same. The full
names and addresss of the Witnesses should be clearly
indicated in the Will. It would be better if one of the
Witnesses is a medical practitioner, but this is not
essential. The practitioner should certify that the Testator
is of sound mind (especially if the Testator is of an
advanced age) and he or she should also note his or her
registration number and degree (educational qualification).
A Witness should not be a beneficiary of the Will. A Witness
should also not be an Executor of the Will.
Each page of the Will should be serially numbered and signed
by the Testator and the Witnesses. This is to prevent
substitution, replacement or insertion of a page or pages by
persons with fraudulent intentions. At the end of the Will
the Testator can indicate the total number of pages in the
Will. Corrections if any should be countersigned.
The Will may be kept in a safe place like a bank vault. The
Executor and the beneficiaries should be informed where the
Will is kept. It is advisable to keep a signed copy of the
Will with a trusted advocate. Duplicate copies of the Will
may be made, signed by the Testator and the Witnesses and
kept at separate places so that if one is misplaced the
other may be used.
Sometimes the value of certain items of the assets (example:
value of share certificates) may fluctuate. In such a
situation, it is better to mention the percentage of such
item/s which should go to each beneficiary.
Whenever changes in the family circumstances or other
reasons necessitate any change in the Will in the
intervening period (from the time of making the Will to the
time of demise of the Testator), the structure of the Will
can be amended. Even if there are changes in the nature of
the property or assets, an amendment may be needed.
For making changes only in certain clauses of the Will, a
Codicil (supplement) is to be prepared which should be read
in conjunction with the Will and which has the power to make
appopriate changes in the relevant clauses of the Will.
If there are too many changes in the Will, it is better to
prepare an entirely new Will.
It is not compulsory for one to register a Will with the
Registering Authority, but in case any property or asset is
given to any charitable organisation, then registration
should be done.
A person's Will becomes operative only after his or her
demise.There is no restriction in the way a person can deal
with his or her property even after writing the Will.
(The details provided above are only guidelines. You are
well advised to seek legal advice before executing a Will)
The exact structure of a Will cannot be given. For a
based on which the actual Will may be prepared please CLICK
I, (Name), Son of (Father's Name), usually residing at
(Address), being of sound mind and memory hereby revoke any
Will, Codicil or testamentary deposition I may have made
hitherto and declare this Will made at (Address) on (Date)
to be my last Will.
In order to prevent any litigation amongst my heirs, it is
my wish that all my properties and assets should be
disbursed amongst my heirs in the manner described below
1) I hereby appoint the following two persons
______________________ (Name and Address) First Executor
_______________________ (Name and Address) Second Executor
To be Executors / Executrixes of this Will.
The First Executor (Name) shall administer the disbursement
of my properties and if he or she is unable to take up this
responsibility, the Second Executor (Name) shall administer
the disbursement. The Executor so appointed shall act as
guardian of any minor person who may benefit from my Will.
2) I have been enjoying full ownership and control over the
2.1) Immovable Property
(Give full details, address, names and percentage of share
of other co-holders if any)
2.2) Movable Property
Bank Accounts (Saving, Current, Fixed etc.)
3) I declare that all my belongings shall be distributed
amongst the persons mentioned by me as follows:- S.No.
Property Name & Address Relationship to me
4) The following are my special instruction before
commencing disposal of my properties.
4.1) (Example): I have allocated Rupees one lakh to my
daughter (Name) aged _____ who is a widow and having a
daughter (Name) aged _____. I request the Executor of my
Will to guide her in investing this amount in a safe and
prudent manner so that she will be able to maintain herself
out of the returns of this investment. On the demise of my
daughter the returns from this money is to be tranferred to
her daughter who, if she is a minor at the time of demise of
my daughter, will be under the custody of the Executor.
5) (Example) I have kept aside Cash value of Rupees one lakh
for expenses that may be incurred on my illness if any, or
to meet expenses for my funeral and related ceremonies. Any
legal expenses, unpaid taxes etc, shall be met out of this
money. The balance from this money after all payments, and
any other residue of my property, I bequeath to my wife.
6) I, Declare that this Will comprises of _____ pages.
This will has been prepared in the presence of the following
two persons as witnesses
__________________________ (Name & Address)
__________________________ (Name & Address)
Other than ensuring good health what are the things that
elders must ensure while planning for the future?
The three most important things that one must remember while
planning for the future are: 1) to invest one's money
safely, 2)insure oneself for medical benefits and 3)Write a